Mr Allen said the Board accepted Mr Foster's decision and felt the timing was appropriate given the strong position the NZSE had established since his appointment. Demutualization involved a new Board, and new governance. 'Bill has recognised that the ideal time to appoint his successor is this year when the NZSE is performing well, significant changes are being made, and he can provide the necessary continuity in the transition'.
The announcement was being made at this time, so that a search for a replacement could be commenced immediately.
Mr Foster said he was committed to continuing his role in taking the exchange through demutualization this year and building the necessary strength in the organisation to be ready for listing.
Mr Allen said he recognised that Mr Foster's combination of leadership and management skills would be hard to replace. However, he expected considerable interest in this key role in the New Zealand capital market.
Mr Faster will continue to assist the NZSE in its challenge of growing the business, particularly in its linkages with the rest of the world.
Mr Foster said he was pleased to continue as the NZSE's representative on the World Federation of Exchanges, where he currently chairs the Working Committee and is a member of the governing Board.
The combinations of industry changes, regulatory changes and NZSE demutualization impose a particularly heavy set of demands on the NZSE this year in addition to its continuing commitment to providing a high standard of service to the market.
