Newton-King Takes Swedish Break After Eight Years as JSE CEO

JOHANNESBUR (Capital Markets in Africa) – Nicky Newton-King, the first woman to lead Johannesburg’s 131-year-old stock exchange, will take some time off to cycle in Sweden after stepping down from Africa’s largest bourse following eight years as its chief executive officer.

“I think it’s important for CEOs to know when it’s time to step back,” Newton-King, 52, said Tuesday by phone. Leila Fourie, who will take over from Oct. 1, has held positions at companies including Commonwealth Bank of Australia, the Australian Payments Network, Accenture and Standard Bank Group Ltd. and is also a former executive director of JSE Ltd.

During Newton-King’s tenure, the JSE spent more than 1 billion rand ($70.5 million) on technology projects, transforming its trading and clearing service offerings. The exchange is among the 20 largest in the world by market capitalization. To ensure a smooth transition, the outgoing CEO will be available to the JSE and to Fourie until the end of 2019. She indicated her intention to step down during 2018, Chairman Nonkululeko Nyembezisaid in a statement Tuesday.

The JSE announced Newton-King’s departure as it published first-half results. Earnings per share dropped 29% from a year earlier after six months that the exchange operator said had been “challenging.” JSE Ltd.’s shares have slumped 21% this year, compared with an 8.5% gain for the South African market’s benchmark index.

The stock fell on release of the financial statement, but recovered to trade 0.6% lower at 128.50 rand by Tuesday’s close.

Newton-King said she is taking a year off, initially preparing for a 300-kilometer (186-mile) cycle race in Sweden.

Source: Bloomberg Business News