CEO of London Metal Exchange quits

Martin Abbott resigned Thursday as chief executive of the London Metal Exchange and co-head of global markets of the Hong Kong Exchanges, the bourses said in a joint press release.

Abbott, 53, spearheaded the December sale of LME, the world’s main industrial-metals bourse, to HKEx for $2.2 billion and was was handed a share award of £495,833 ($767,000) in HKEx by the Hong Kong group’s board last month.

“The integration has now reached the point where I am able to think about my own plans for the future,” he said in the release.

Abbott became the exchange CEO in 2006, at the beginning of an expansion period that increased yearly turnover to $14.5 trillion from $4.5 trillion in 2005.

He has agreed to stay in his current positions until the end of this year “to facilitate a smooth and orderly transition,” the LME said in a press release.

A replacement will be announced in due course.

The LME monitors a global network of more than 700 warehouses and plans to run its own clearing house next year.