Bennett jets in from Singapore to take NZX top job
Singapore based New Zealander Tim Bennett is heading home to be the new NZX chief executive, effective May 7.
Mr Bennett has almost 20 years’ financial services consulting experience, mostly in Asia where he is currently a partner in Oliver Wyman’s Retail and Business Banking practice.
NZX says he has advised a broad range of financial institutions on topics from strategy and organisational transformation through mergers and acquisitions.
“A particular area of focus has been financial markets, where [he] has worked with a number of different exchanges, governments and private companies in expanding domestic capital markets and developing new asset classes,” NZX says in a statement announcing Mr Bennett's appointment.
“It is particularly pleasing to attract a top expat Kiwi home to invest his considerable skills and experience, gained offshore, back in New Zealand,” NZX chairman Andrew Harmos says.
Mr Bennett holds an MBA from the Wharton School, University of Pennsylvania in Strategy and Finance and a Bachelor of Commerce from Victoria University of Wellington.
“The next few years provide a once in a lifetime opportunity to accelerate the development of NZX’s markets and I’m excited to be able to contribute to this development not only for the benefit of NZX’s shareholders, but for the country as a whole. New Zealand plays a key role in agricultural commodities globally and I’m looking to combining my experience with the foundation NZX has established in dairy futures to grow this area of the business," Mr Bennett says.
NZX shares were unchanged at $2.63 each in early trading today.
The stock exchange operator provided the following profile of its incoming chief executive:
Tim Bennett – Summary of qualifications and relevant experience
Tim Bennett holds a Bachelor of Commerce and Administration (Computer Science and Business Administration) from Victoria University of Wellington and an MBA (Strategy and Finance) from the
Wharton School, University of Pennsylvania.
He is currently a partner with the international consulting firm Oliver Wyman.
Prior to joining Oliver Wyman, Tim was a Partner with the Boston Consulting Group, where he held various roles including Leader of the Strategy Practice for Asia-Pacific (2006-2009) and Leader of
the Financial Services Practice, South East Asia (2002 - 2006).
Tim has advised a number of exchanges in Asia and the Middle East on topics covering
• Business strategy and broader capital market development
• Diversification of exchange revenue streams beyond core equity markets
• Organisation redesign to refocus on market development and non-trading related revenue streams
• Acquisitions, alliances and partnerships
Tim’s experience in commodity market development includes
• Supporting the development of the iron ore swaps market
• Working with a combination of private and quasi-private industry participants to develop and implement a range of actions to further expand gold as a traded financial asset class.
• Review of the potential for derivative market development in other metals
• Assessing the potential for the development of a commodity financial centre for an Asian government