The New Zealand stock exchange has ended its global search for a new boss by choosing a local candidate who has been the interim chief executive since January.
Mark Peterson has been appointed chief executive of the NZX, it said on Monday.
The former NZX head of markets had been acting chief executive since January, after former boss Tim Bennett said last October he would step down after four years in charge.
Peterson has more than 25 years’ experience in the financial services sector, and has held senior roles at ANZ, FNZC (First NZ Capital), and the National Bank.
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The NZX said last year it was making “good progress” in its global search for a new leader, but it has since decided Peterson was the ideal candidate.
NZX chairman James Miller said Peterson had shown himself to be a capable leader who would have a focus on strengthening the NZX’s relationships with key stakeholders, as well as growing the business to ensure it could compete locally and internationally.
“In addition to his extensive markets experience, Mark has been instrumental in transforming staff engagement, with his clear communication skills and collaborative leadership style,” Miller said.
“He has also led the successful development of NZX’s wealth technologies business and has a proven track record of sound commercial judgement.”
The Wellington-based Peterson said it was a privilege to lead the NZX, to which he had agreed to a five-year term with a possible two-year extension.
He would be paid a salary of $500,000 a year, which would be reviewed annually, and had short term incentives of up to $500,000 a year, and long term incentives of up to $250,000 a year.
“I welcome this opportunity to keep growing our markets, and I am committed to building a very collaborative team at the centre of this network, which engages, seeks feedback, and in turn delivers greater value for our customers and shareholders.”