August 4, 2017 / 7:11 AM / 8 months ago

MOVES-Head of LME's market development James Proudlock departs

MELBOURNE, Aug 4 (Reuters) - James Proudlock, head of market development at the London Metal Exchange (LME), is to depart the bourse around six months into the job, a spokeswoman for LME’s owner, Hong Kong Exchanges and Clearing Ltd (HKEX), confirmed on Friday.

Proudlock, who was also head of market development and Deputy Chief Executive of HKEX’s clearing unit, is the second executive to depart from LME Clear this week.

The HKEX said on Wednesday that LME Clear Chief Operating Officer (COO) Iain Greig would step down.

“They are stepping down for separate reasons and they are both leaving on good terms with the business,” HKEX spokeswoman Lorraine Chan told Reuters.

The rapid departure of Proudlock, who started at the LME in February according to his LinkedIn account, is a blow to the metals bourse, industry sources said, given the LME is the midst of reform under its new chief executive officer, following the departures of a former CEO in January, and its COO in December of 2016.

Proudlock declined to comment.

COO and head of strategy Stuart Sloan left the LME in December, and CEO Garry Jones resigned the following month amid declining trading volumes and member unrest over fee hikes as the HKEX sought to reap returns from its $2.2 billion purchase of the metals bourse in 2012.

Matt Chamberlain who had been acting CEO since January, was named LME’s chief executive in April, with a mandate to reform the market and appease members after he engineered sweeping changes to the LME’s clogged-up warehousing system.

Proudlock joined the LME from JPMorgan where he had worked for a decade.

Greig had worked for LME Clear for the past four years, initially as Chief Technology Officer, taking the COO role at the start of 2016. He did not immediately respond to a request for comment submitted via LinkedIn.

Adrian Farnham, LME Clear’s Chief Executive, will serve as acting COO until LME Clear has found a successor to Greig, HKEX said in a statement.

Reporting by Melanie Burton; Editing by Kenneth Maxwell

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