6 Oct 2011

Weldon to step down as NZX head

12:30 pm on 6 October 2011

New Zealand stock exchange chief executive Mark Weldon has announced he is to step down.

Mr Weldon has led the NZX for nearly 10 years, from its roots as a mutual exchange to a listed company, and has expanded its operations to include rural publications, dairy and grain futures, and funds management.

He says it's been a very tough decision to leave but is the right time and the organisation is in good shape.

Mr Weldon has been criticised for failing to convince more companies to list, but says listings represent a small part of NZX's earnings.

While he would have preferred more share floats, he says, it has been difficult without three key sectors - banks, agriculture co-operatives and state-owned enterprises.

NZX's underlying profit jumped 42% to $6.6 million in the year to June.

Mr Weldon will leave the role in the first half of next year. His successor has yet to be named.