Hong Kong Exchanges and Clearing Limited (HKEX) announces today that Matthew Chamberlain, CEO of the London Metal Exchange (LME) and Group Head of Commodities, is to remain in his post.

Mr Chamberlain, who announced his departure earlier this year, will now remain with the Group. His decision allows him to drive forward the LME’s long-term development as the world’s leading trading, hedging and pricing centre for industrial metals.

It also allows Adrian Farnham, who deferred retirement to act as interim CEO while Mr Chamberlain’s successor was identified, to return to his original plan. He will step down as CEO of LME Clear in July.

HKEX Chief Executive Officer Nicolas Aguzin said:

“I’m very pleased that Matt has decided to stay. He leads from the front, exemplified by his handling of the unprecedented developments in the nickel market in the last few weeks. I know that today’s news will be warmly welcomed by colleagues, customers and the broader market and I look forward to working closely with Matt and the team in the months ahead.”

Matthew Chamberlain, LME CEO, said:

“Events of recent weeks have brought into focus the importance of the LME and the metals markets. I want to continue to work with the team on supporting the long-term health and efficiency of the market and drive forward the sustainable development of our industry. We have only just begun to deliver the positive long-term enhancements to the metals market and we are committed to making LME an even more attractive and resilient market with more liquidity and more participation. I look forward to working closely in partnership with our members, our customers and all other stakeholders to make this happen.”

Adrian Farnham, CEO of LME Clear, retires after a distinguished career spanning more than 30 years in financial markets and market infrastructure and nine years with the LME. Mr Farnham joined LME Clear in 2013 as Chief Operating Officer, overseeing the building and eventually the day-to-day running of LME Clear. In January 2016, he was appointed LME Clear CEO and has since driven both the strategic development of the clearing house, while also leading the major technology refresh programme currently underway at the LME Group level.

The LME announced in January 2022 a process to find the right person to succeed Mr Farnham and an announcement on his successor will be made in due course.

Finally, after more than eight years as LME Group CFO, Catherine Lester has decided to leave the LME to pursue interests outside the group. The LME would like to thank her for her commitment and contribution over this period and wishes her all the very best for the future.

Tabitha Silverwood, the LME’s current Acting CFO, will succeed Ms Lester, effective 1 May 2022. Ms Silverwood has been at the LME since 2014, first as Head of External Reporting and then as Head of Finance from January 2019. Prior to joining the LME, Ms Silverwood worked as a senior manager in the PricewaterhouseCoopers LLP Audit & Assurance practice, focusing on the asset management sector. Ms Silverwood is a chartered accountant with the Institute of Chartered Accountants of Scotland.