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Succession planning announcement from the DME

Nearing completion of a successful first year of trading, the DME announced its succession plan, readying its management team for the next stage in its development.

Gary King, CEO of the Exchange since the early days of the company, will hand over to Thomas Leaver, currently COO of the DME, in the coming months through a phased transition, ensuring full continuity in the execution of the DME’s strategy and day-to-day operations.

“As we approach our first year anniversary it is important for us to formalize the management team which will take the Exchange into its next phase of growth,” commented Ahmad Sharaf, Chairman, Dubai Mercantile Exchange.

“The DME has achieved a great deal in its first year under Gary King’s leadership. The DME Oman Crude Oil Futures Contract is well on its way to becoming a global benchmark, and we will shortly list two new financially settled contracts on the anniversary of the launch. Gary has played a critical part in the launch and ongoing success of the Exchange, but of all his achievements, it is the quality of the team he built around him that I believe will stand as his greatest legacy – a team who will take the DME on to achieve even greater successes,” concluded Sharaf.

Mr. King, working closely with Mr. Leaver, will continue to oversee the day-to-day operations of the Exchange.

At such time that a formal change in leadership has been agreed, further announcements will be made.