The New Zealand Stock Exchange has announced Tim Bennett will replace Mark Weldon as its chief executive, effective May 7.

A Singapore-based New Zealander, Bennett was previously a partner in Oliver Wyman's retail and business banking practice and has advised a broad range of financial intuitions on topics relating to strategy and organisational transformations through markets and mergers, NZX said in a statement.

Read the statement here.

Bennett will focus on strengthening the exchanges domestic markets, while maintaining a high degree of connectivity to Asia and other exchange operators. He is familiar with Fonterra's globalDairytrade offering helping to encouraging international and domestic leadership within agricultural markets, said NZX chairman Andrew Harmos.


"It is particularly pleasing to attract a top expat Kiwi home to invest his considerable skills and experience, gained offshore, back in New Zealand," said Harmos.

Weldon announced in October he would be leaving the share market operation in the first half of this year. He has been chief executive since 2002.