Tom Kloet will stay on as head of TMX Group

The Maple Group, a consortium of banks and pension funds that looks poised to takeover the TMX Group, said today that Tom Kloet will remain as CEO and will also become CEO of the Maple Group, as well.

When the acquisition is complete, the Maple Group Acquisition Corporation will be renamed TMX Group Limited.

"On July 31, Maple expects to be in a position to take up TMX Group shares deposited under the offer, subject to the satisfaction of the 70% minimum tender condition and the satisfaction or waiver of the other conditions of the offer," said the Maple Group in a news release.

"On July 31, if the above conditions are met, a new Board will be appointed for Maple and a mirror board will be appointed for TMX Group, in keeping with the commitments made to provincial securities regulators."

In 2008 Kloet became CEO of the TMX Group.

He previously worked as CEO of the Singapore Stock Exchange. In 1980 he graduated with a bachelor's degree in business administration from the University of Iowa.

Image: Tom Kloet discussing Maple Group's bid back in September