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NZX head of markets jumps ship

The high staff turnover at the stock exchange continued yesterday with senior NZX executive Fiona Mackenzie announcing her departure to join the Super Fund.

Ms MacKenzie took over as NZX head of markets in May last year in place of Geoff Brown, who quit suddenly following a family bereavement.

In March this year she also took over as chief financial officer when Justin Bgoni quit after just 11 months in the role.

NZX said Ms Mackenzie would leave the stock exchange in September to take up a new role as head of investments at the Auckland-based New Zealand Superannuation Fund.

Prior to assuming the head of markets role, Ms Mackenzie was head of liquidity and traded products, and also headed NZX's Auckland office and its derivatives market initiative.

She helped establish the NZX Dairy Futures Market, now the most liquid dairy futures market worldwide.

With an MBA and experience from senior positions at the likes of Deloitte, Morgan Stanley and Credit Suisse, Ms Mackenzie’s departure would be a big blow for the NZX, but chief executive Mark Weldon looked on the bright side.

“We are delighted to see Fiona moving to a role that has so much synergy with her NZX experience,” he said.

“NZX looks forward to working with Fiona to establish a closer relationship between our two critical capital market institutions,” Mr Weldon said.

“Obviously there will be many opportunities for NZX and the Super Fund to work together more closely in the future, and I am excited to take a position to drive that relationship forward for the betterment of the markets.”


Mr Weldon said NZX would look to both internal and external candidates as potential successors for Ms Mackenzie’s role over the next few months.

NZX made the announcement one trading day after the company held its annual meeting in Wellington on Friday. 

More by Duncan Bridgeman

Comments and questions
11

One of NZ's most important capital market institutions, NZX, showing yet again the gross internal mismanagement.

Oh well, who cares? It's a monopoly and it's there for Waldon to milk until he departs. Someone else can clean up the mess.

NZX is a joke

Who in their right mind would list on NZX - except for the Government ofcourse.

The directors of the NZX need to get things sorted.

This is a company that has failed in virtually every respect, except the PR game and that PR is passed its best-by-date.

Fiona Mackenzie will be a huge loss to NZX as was Jeff Brown before her. Why such instability? Yes NZX has underperformed but that’s more to do with our Tax incentives around property than anything Mark Weldon has done.

If we are to list anything (to actually grow something) why don’t we list Kiwi Bank. Listing SOEs that already deliver dividends for the country is nuts. Eating into the 3.6 billion in profits from the four Aussie banks will HELP grow the economy and stop the bleeding of dividend flow to foreign corporates.

Fiona Mackenzie is a massive loss for NZX. NZX's Board needs to be looking very closely at Weldon's management - why are so many talented senior executives and staff not sticking with the company yet there is a CEO remaining well past his use by date?

@ NZX is a joke...totally agree. The daily turnover is pathetic, hardly any decent new listings over the past 4 - 5 years and actually very few listings at at all. The compliance is a farce.....NZX disciplene had at least one NZX market participant Director on the panel who were themselves involved in very dodgy dealings - knowingly breaching NZX rules, yet staff were fined and not the directors - how does that work? (NBR that was a good story that you missed) Oh...and I love the line that NZX use when they know they could come under fire ....we can't name the advisor or firm as it may cause unfair harm and prejudice WTF!.....who are they suppossed to be looking after).....compliance offers that even when told of serious breaches chose not act.....the list goes on and on.Where does the growth come from.....remeber the shell listings? How did that work out Mr Weldon? What a mess that was.......The NZX is just a massive tangled web of conflict of interests controlled by a few power players - no real independence at all. Merge with the ASX and put an end to a select group doing very well from keeping a terminal exchange on life support - it will take alot more than just a few listed SOE's to bring the NZX to life - meanwhile Mr Weldon has already pocketed north of 10 million dollars worth of shares- the NZX company matybe doing ok - but the NZX exchange is a disaster - turnover on a good day is just north of 120 million+ - that has not changed in the last 5 - 6 years.

Handy that she only told them after the AGM had taken place - would have been painful if they had been obligated to announce her resignation on the day of the AGM.

Monopoly abuse - that's the NZX.

Killing the goose that can lay the golden egg - that's what the monopoly abuse is doing.

But at least one person gets to feast on the dead duck.

Bunch on incompetent self-servers - that's the NZX, CEO and NZX Board of Directors.

NZX should be part of ASX, and NZ be the 7 th State of AUSSIE....

"She helped establish the NZX Dairy Futures Market, now the most liquid dairy futures market worldwide"??? What about the CME milk futures, open interest is in the tens of thousands compared to only hundreds on the NZX, pretty poor reporting really

"Mr Weldon said NZX would look to both internal and external candidates as potential successors for Ms Mackenzie’s role over the next few months." - surely there is no one left as a possible internal candidate... perhaps Weldon should just do the job himself