The Hong Kong Exchanges & Clearing Ltd has appointed Wilfred Yiu and John Buckley as co-chief operating officers effective June 1, replacing Calvin Tai who will retire on May 31 and will step down from all his positions. HKEX reported a 31% drop in profit in Q1, the biggest decline in almost six years, amid a drought in initial public offerings and plunging stock trading. Chief Executive Officer Nicolas Aguzin has vowed to build HKEX on its existing bonds with China and expand its international footprint. Tai is among the longest-serving staff members of the exchange since 1998. He saw HKEX through listing in 2000 and transformed it from a members exchange to a quasi-public organization with nearly 6% of its shares owned by the government.
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