(April 24): Hong Kong Exchanges and Clearing (HKEX) named Carlson Tong as its new chairman, succeeding Laura M Cha who retired after the conclusion of the 2024 annual general meeting, the bourse operator said on Wednesday.

Sources told Reuters last month that 69-year-old Tong, who is HKEX's non-executive director, had emerged as the frontrunner to take over from Cha.

The change is the latest to HKEX's leadership as it struggles to revive listings and trading amid geopolitical tensions and economic volatility.

The Hong Kong bourse operator reported a 13% drop in first-quarter profit earlier in the day, highlighting challenges it has faced since late 2020 from Beijing's crackdown on a broad range of industries that hit investor confidence.

Last month, Bonnie Chan, who was the listing division head, took over as chief executive from former JPMorgan banker Nicolas Aguzin.

"While certain external factors — like geopolitics and interest rates — remain beyond our control, we must be proactive in seizing the opportunities ahead, as we focus on further diversifying our product ecosystem, enhancing our infrastructure, and bolstering our competitiveness," Tong said in a statement.

Tong served as chairman of the city's Securities and Futures Commission from 2012 to 2018 after more than two decades at consultancy KPMG. He currently chairs an independent commission on remuneration for members of Hong Kong's Executive Council and Legislature.

Tong's appointment is subject to the written approval of Hong Kong's Chief Executive, or leader.