Nicolas Aguzin (GIULIA MARCHI/BLOOMBERG)
HONG KONG – Hong Kong’s new stock exchange boss will earn a higher basic salary than his predecessor when he takes over on Monday.
Nicolas Aguzin, incoming chief executive of Hong Kong Exchanges and Clearing Ltd, will receive a basic salary of HK$10 million (US$1.3 million) a year, according to a statement Friday. That is 7.4 percent higher than his predecessor, Charles Li, who was paid HK$9.315 million.
Nicolas Aguzin, a former banker at JPMorgan Chase & Co, will serve a term of three years. He will also be awarded 211,756 shares of HKEX, worth HK$96 million as of Friday’s close at HK$453.6 apiece
Aguzin, a former banker at JPMorgan Chase & Co, will serve a term of three years. He will also be awarded 211,756 shares of HKEX, worth HK$96 million as of Friday’s close at HK$453.6 apiece. Half of the stock will be cashable after one year of employment and the balance after the second.
The bourse said the shares are “compensation for loss of unvested long-term incentives earned through his service with his previous employer.” Aguzin is also eligible to receive a bonus and more shares, based on performance.
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Aguzin said previously that he is honored to lead the world's largest stock market group and believes HKEX will continue to act as a catalyst that connects the mainland with the world.
With Aguzin taking office, Tai Chi-kin will cease to be the interim chief executive of HKEX and will continue in his roles as co-president and chief operating officer.