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NZX CEO to step down at end-2016

NZXLtd. said that CEO Tim Bennett plans to step down from the role atthe end of 2016.

The bourse said Oct. 4 that Bennett has indicated hisintention to step down as CEO to the board. He will relinquish the post Dec. 31so that his replacement can assume the CEO role at the beginning of thefinancial year.

The exchange has commenced a formal search for a new CEO.

In addition, NZX said it expects its full-year EBITDA to bein the lower end of its previously disclosed forecast of between NZ$22.5 million and NZ$26.5 milliondue to costs associated with the restructuring of its agri businesses and theCEO transition.

As of Oct. 4, US$1 wasequivalent to NZ$1.38.