LONDON, April 21 (Reuters) - The London Metal Exchange (LME) has appointed John Williamson, currently its non-executive director, as interim board chairman starting on April 28, the world's oldest exchange and largest market for industrial metals said on Friday.
Williamson will replace Gay Huey Evans, who steps down at the end of April, as the LME, owned by Hong Kong Exchanges and Clearing (0388.HK), is grappling with the consequences of its decision to suspend chaotic nickel trading in March, 2022.
"Recent years have presented challenges for both the industry and the business but, I am certain of the LME's continued role as a vital global marketplace for the pricing and trading of metals," Williamson said in the statement.
A year ago, the Bank of England and the Financial Conduct Authority launched an investigation into how the LME suspended the nickel trading on March 8, 2022 after prices doubled to a record above $100,000 a tonne in a few hours.
Since then, the exchange has introduced measures to revive its still flagging nickel contract, prevent market distortions, improve risk monitoring and its own transparency.
Williamson's "deep knowledge of our business and his extensive international experience will be invaluable to us as we look to drive forward our two-year programme to strengthen and enhance our markets", Matthew Chamberlain, LME chief executive, said in the statement.
