The Hong Kong Stock Exchange named industry veteran Garry Jones as the CEO of the London Metal Exchange, ending a high-profile recruitment process by selecting a former top executive at the NYSE Liffe.
Jones, with 30 years of experience in the exchanges and financial services industry, inherits a difficult role at a time when the LME is caught in a controversy over warehousing metals and its impact on consumers.
The Hong Kong Exchanges and Clearing (HKEx), as the exchange is formally known, said Jones will begin on Sept. 30 and will be a member of the LME board in addition to his role as chief executive.
In a regulatory filing, the HKEx said Diarmuid O'Hegarty, LME's deputy chief executive, told the exchange that he will resign from his duties after serving a six-month notice period.
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Several top industry executives were said to be in contention for the LME role. Reuters reported last week that Martin Pratt, chief operating officer at
Triland Metals, a non-ferrous metals futures broker owned by Japan's Mitsubishi, was offered the LME CEO role.
It was not clear following the HKEx announcement on Tuesday what happened to Pratt's candidacy. Reuters said O'Hegarty was also among those in the running for the CEO job, along with Jones.
The announcement of a candidate seen as an outsider caught many in the metals market by surprise.