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NZX brings in new blood to senior management

BUSINESSDESK: Stock market operator NZX has appointed Fronde Systems Group chief financial officer Mandy Simpson as its new head of operations, giving her responsibility for market and issuer services.

Ms Simpson will join the stock exchange operator from November 19.

The company's current head of market services, Simon Smith, has resigned effective from the end of the year. He has been with NZX since 2004 and helped set up NZClearing and the stock exchange's clearing house.

"I'm looking forward to having Mandy join NZX and working with her to broaden the range of services we offer our listed companies," chief executive Tim Bennett says.

The appointment comes a month after Bevan Miller was wooed to join NZX as its chief financial officer, and is the latest changing of the guard under Mr Bennett, who took the reins in May.

Ms Simpson follows NZX's former head of market supervision Caroline Leckie after she left in May to take a role with Lehman Brothers in the UK.

The stock was unchanged at $1.15 in trading yesterday and has gained 18% this year.

Comments and questions

Tim Bennett has his work cut out to maintain earnings, let alone grow earnings.

His predecessor, Mark Weldon, screwed every cent he could out of the NZX and there's little room now for Tim to squeeze much more out of the industry.

Mark used the NZX's monopolistic position to increase charges continuously and put nothing back into the industry until he hit a brick wall - companies refused to pay and the broking industry shrunk dramatically in response to the charges.

So good luck, Mr Bennett.

Mark, of course, will blame you for the fact that he left you a NZX in great position and you ran it down.

A good sign that the new man will get NZX moving again;an important plank in getting our economy moving again.