London Metal Exchange boss Garry Jones says he'll step down with immediate effect

 
Courtney Goldsmith
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Jones took up the helm of the LME in 2013
Jones took up the helm of the LME in 2013 (Source: Getty)

The London Metal Exchange (LME) chief executive Garry Jones today said he will step down as chief executive and executive director after three years in the position.

Jones will retire from all positions within the Hong Kong Exchanges and Clearing Limited (HKEX) group, including those at the LME and LME Clear (LMEC) with immediate effect. He will serve as adviser to the LME until the end of the year.

Read more: The London Metal Exchange is going to Essex for a summer holiday

“We thank Garry for the contributions he has made to the transformation of the LME over the last few years and we wish him the best in his new endeavours,” said HKEX chief executive Charles Li.

While HKEX and the LME search for a successor, Matthew Chamberlain, the LME's chief operating officer, will step in as interim chief executive with immediate effect

Jones, an industry veteran with 30 years of experience in exchanges and financial services, was appointed to head the world's largest and oldest metals market in August 2013.

When he joined, the LME was embroiled in a controversy over warehousing metals and its impact on consumers.

Read more: Open outcry lives on at the London Metal Exchange

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