Former JP Morgan banker Alejandro Nicolas Aguzin, 52, assumes his role as chief executive of Hong Kong Exchanges and Clearing (HKEX) on Monday (May 24) for a term of three years until May 23 2024, according to the city’s stock exchange operator.
Aguzin, whose appointment was first announced on February 9 and approved by the Securities and Futures Commission on March 2, succeeds Charles Li who retired in December after ten years.
With Aguzin’s appointment, Calvin Tai will cease to be the interim chief executive and an ex-officio member of the board on May 23. He will remain as co-president and chief operating officer.
Under the terms of his employment contract, Aguzin’s compensation package includes a basic salary of HK$10 million (approximately US$1.29 million) per annum. He is eligible to receive performance-related discretionary bonus and share awards to be recommended by the HKEX remuneration committee and approved by the board.
As a full-time employee, Aguzin is also entitled to other benefits in kind and to participate in HKEX’s provident funds. Upon assuming his new role, he will be awarded 211,756 HKEX shares (May 21 close: HK$453.60 per share) under the employees’ share award scheme, of which 50% will vest on the first anniversary of the date of grant and the remaining 50% on the second anniversary of the date of grant, as compensation for loss of unvested long-term incentives earned through his service with his previous employer.
As chief executive, Aguzin will also become an ex-officio member of the HKEX board and member of its executive committee and corporate social responsibility committee; ex-officio member of the listing committee of the main board and GEM of the stock exchange; and member of the listing policy panel.
Prior to his appointment to HKEX, Aguzin, a native of Argentina, had worked with JP Morgan & Chase since 1990, becoming its Asia-Pacific CEO from 2013-2020 and, after that, the CEO of its international private bank. He has also been an independent director of Nasdaq-listed MercadoLibre since 2017.
He holds a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania. He has been based in Hong Kong over the past nine years.