Commenting on his decision, Don Cruickshank said today: "My term as Chairman ends at the 2003 AGM. I have informed the Board that I do not wish my name to go forward for another three years.
"My time at the Exchange has seen the Exchange move from mutual institution to confident plc. The Exchange is thriving as a business in the very capable hands of a new Board and its Chief Executive Clara Furse, and I feel it is now time for new challenges.
"This early announcement is intended to give the Board sufficient time to find and appoint a high calibre successor. I will remain as Chairman until the conclusion of the 2003 AGM, and during that time will offer my successor my full support."
Ian Salter, Deputy Chairman of the Exchange and Chairman of the Board's Nominations Committee, said: "Don Cruickshank has led the Board with characteristic wisdom and clear-sightedness, and we are all extremely grateful to him for that.
"Don has also done outstanding work to lobby for a competitive level playing field in financial services in Europe, especially through his campaigns for the abolition of Stamp Duty on share dealing, and for improvements to clearing and settlement arrangements.
"The Board thanks Don for his considerable contribution to the Exchange during a critical period in its development."
