NZX appoints Mark Peterson as CEO

The NZX has picked acting chief executive Mark Peterson to take on the job permanently.

Mr Peterson has been acting CEO since his predecessor Tim Bennett stepped down on December 31.

The stock exchange operator said Mr Peterson’s appointment, effective immediately, followed a global executive search process.

NZX chairman James Miller said Mr Peterson had more than 25 years’ experience in the financial services and would bring a continued focus on strengthening NZX’s relationships with its key stakeholders while building the business to ensure it is best placed to compete domestically and internationally.

“Mark has shown himself to be a highly capable leader during his time at NZX and more recently as acting chief executive. In addition to his extensive markets experience, Mark has been instrumental in transforming staff engagement, with his clear communication skills and collaborative leadership style. He has also led the successful development of NZX’s Wealth Technologies business and has a proven track record of sound commercial judgement.”

“The board is extremely pleased to make this appointment and we look forward to working alongside Mark and the wider NZX team.”

Mr Peterson will receive base pay of $500,000 plus a short-term incentive pay of up to $500,000 a year and long-term incentive pay of up to $250,000 a year.

His employment is for a five-year term with a two-year extension by agreement.

In a statement, Mr Peterson said it was a privilege to lead the NZX.

“I welcome this opportunity to keep growing our markets, and I am committed to building a very collaborative team at the centre of this network, which engages, seeks feedback, and in turn delivers greater value for our customers and shareholders.”

Mr Peterson has a commerce degree from Victoria University and has completed executive training at Mt Eliza business school in Melbourne.

He lives in Wellington with his wife Andrea and teenage daughter Georgie. He also has a son, Matthew, who is studying at the University of Otago.

Before joining NZX Mr Peterson was managing director of ANZ Securities. He has held executive roles with FNZC (formally First NZ Capital) and the National Bank and was the chief operating Officer at the ANZ Institutional Bank. He is a former chairman of the NZ Securities Industry Association. 

Under Mr Bennett's watch, NZX oversaw a jump in listings that coincided with the government's partial privatisation programme, the expansion of a suite of derivative products, and the acquisition of SuperLife and Apteryx to boost the stock exchange's funds management business. When Mr Bennett was appointed, the board wanted him to focus on strengthening the exchange's domestic markets, while maintaining a high degree of connectivity to Asia and other exchange operators.

NZX today said stakeholders surveyed on the most important skills needed by the stock market operator's new boss were "a passion for financial markets, a reputation for creating strong stakeholder relationships, extensive markets knowledge, and a sound understanding of technology." Other desirable characteristics included "the ability to create wealth, seasoned judgement, financial acumen, and generate a simplified strategic vision for NZX to ensure value creation for shareholders in the future," it said.

The stock market operator said Peterson demonstrated all of those skills.

The shares last traded at $1.06 and have gained 1% so far this year. The stock is rated an average 'hold' based on three recommendations compiled by Reuters with a median price target of $1.14.

(Additional reporting by BusinessDesk)