He has given notice of his intention not to seek the renewal of his employment contract with SGX, which expires on 24 April 2003. The SGX Board of Directors and Mr Kloet have mutually agreed to an early termination of the employment contract and for Mr Kloet to be granted an early release from his duties at SGX.
The SGX Board will be taking steps to appoint an appropriate successor at an early date. Pending the appointment of a successor, Mr Ang Swee Tian, the President, will be the Acting CEO.
During his term, Mr Kloet led SGX to a successful initial public offering and listing of its shares, thus completing the process of demutualisation. Under his leadership, the process of merging the two legacy exchanges has progressed significantly, both in terms of staff consolidation as well as integration of the securities and derivatives markets.
Mr Kloet has developed a strong management team which will continue to build upon SGX's achievements in improving the marketplace's infrastructure and in forging a number of key international alliances and linkages. These include the creation of a securities co-trading link with the Australian Stock Exchange and the establishment of a joint venture with the American Stock Exchange to offer exchange traded funds in Asia-Pacific. SGX will continue to extend its market reach through further global distribution and innovative product development.
The Board takes this opportunity to thank Mr Kloet for his visionary leadership during this formative period and his outstanding contribution to SGX.
Mr J Y Pillay, SGX Chairman, said, "Mr Kloet leaves SGX well positioned and we will endeavour to build upon his legacy of moving the Singapore marketplace to new frontiers."
Mr Kloet said, "SGX has recorded a number of important achievements over the past three years and the entire staff can be proud of the accomplishments. I have enjoyed my time at SGX immensely and will continue to watch its progress."
