Africa’s biggest bourse, the JSE, yesterday announced the retirement of its chief executive of eight years, Nicky Newton-King, who leaves at the end of September to be replaced by Commonwealth Bank of Australia executive Leila Fourie with effect from October 1.
In a Stock Exchange News Service announcement, board chairperson Nonkululeko Nyembezi said Newtown-King, who has worked at the bourse for 23 years in various capacities, has driven significant milestones, including the demutualisation and listing of the JSE, the acquisition of the SA Futures Exchange and the Bond Exchange of SA, and the joint venture with FTSE Russell. Fourie, who has previously served as an executive director of the JSE in a career of more than 25 years, has experience with the capital markets, payment systems, consulting, investment banking and retail banking.
Meanwhile, the JSE yesterday reported in its interim results for the first half of the year that difficult trading conditions saw a 28percent decline in group earnings before interest and tax (Ebit) to R414million from R582m in the previous quarter. Net profit after tax (NPAT) declined by 29percent to R398m. “Notwithstanding the constrained operating environment, the JSE remains in a healthy position with regard to cash and capital.
Although the first half has been financially difficult for the JSE, this first half performance is not a reflection of the fundamental strength of the business,” it said.