Mr David King joined the LME as its first Director of Finance and Administration in September 1987 and has been its Chief Executive from the 1st November 1989. He has been actively involved in all the major changes and the initiatives that have taken place on the Exchange in recent years to consolidate and enhance its dominant position in the global metals market. During this period LME trading volumes have increased tenfold.
Mr King has also played an active part in the restructuring and successful demutualisation of the Exchange, into a shareholder owned entity, and its screen trading initiative.
Mr King will continue in his position as Chief Executive until a successor has been appointed.
Lord Bagri said today: "David King has played an important role in identifying and implementing Exchange strategy over many years to ensure the LME's continued success in the face of increasing competition. With the recent successful demutualisation and other technological initiatives the Exchange continues to be well placed to meet the challenges ahead. I am very appreciative of the support I have received from David King and would like to extend to him my best wishes for the future. He will be leaving the Exchange with mutual agreement and goodwill."
David King said: "The LME is a unique 124 year old City institution which continues to grow in its global influence and keep ahead of the competition in an ever-changing and challenging environment.
I have much appreciated my good fortune in having played a small part in LME's recent history and am sure the Exchange will continue to thrive and prosper as it capitalizes upon the opportunities presented by its new structure and technological capabilities.
Also, I have greatly valued the support and friendship of my colleagues, both past and present, on the Board, within the Executive and membership and with users of the London Metal Exchange."
