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TSX Group Inc. announced today the appointments of Rik Parkhill, Executive Vice President of TSX Group and President of TSX Markets, and Michael Ptasznik, Chief Financial Officer of TSX Group as interim Co-Chief Executives of the Corporation effective immediately.
TSX Group Chief Executive Officer Richard Nesbitt announced his resignation earlier today to accept a senior appointment at another financial services company. Mr. Nesbitt has agreed to remain with the organization in an advisory capacity, and as a member of the Board, until February 27, 2008. The Governance Committee of the Corporation will identify a permanent successor to Mr. Nesbitt. The Committee will begin its work immediately. The interim arrangement announced today is designed to ensure complete consistency of service delivery and management of the Corporation until the Board can identify a permanent new chief executive officer. Mr. Wayne Fox, Chair of the Board, will maintain an active dialogue with the Co-Chief Executives during this time.
Mr. Nesbitt has been assisted by a seasoned and respected senior management team and the Board relies on their demonstrated experience and professional discipline. No changes in responsibilities are contemplated for members of the senior management team other than those created by today's appointments to these interim positions.
About TSX Group Inc. (TSX-X)
TSX Group operates Canada's two national stock exchanges, Toronto Stock Exchange serving the senior equity market and TSX Venture Exchange serving the public venture equity market, Natural Gas Exchange (NGX), a leading North American exchange for the trading and clearing of natural gas and electricity contracts and Shorcan Brokers Limited, the country's first fixed income interdealer broker. TSX Group also owns The Equicom Group Inc., a leading provider of investor relations and related corporate communication services in Canada. TSX Group is headquartered in Toronto and maintains offices in Montreal, Calgary and Vancouver.
TSX Group and Montréal Exchange Inc. (MX) previously announced that they have agreed to combine their organizations to create TMX Group Inc., a leading integrated exchange group, by means of an amalgamation. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of TSX Group. Such an offer may only be made pursuant to a management information circular filed with or furnished to the securities regulatory authorities in Canada and the United States in connection with the proposed amalgamation. MX plans to file a management information circular with Canadian provincial securities regulators and TSX Group intends to file a registration statement with the United States Securities and Exchange Commission (“SEC”) which will include the management information circular or to furnish the management information circular to the SEC pursuant to an exemption from registration. Investors and security holders are urged to read the management information circular regarding the proposed business combination when this document becomes available because it will contain important information in respect of the proposed transaction. Investors may obtain a free copy of the management information circular when it becomes available on SEDAR at www.sedar.com and a free copy of the registration statement and/or the management information circular when it becomes available on the SEC's website at www.sec.gov. The management information circular may also be obtained for free, once it has been mailed to MX shareholders, on MX's website www.m-x.ca or by directing a request to MX.
