Making a splash at NZSE

By ELLEN READ markets writer

A former Olympic swimmer and high flyer in New York is coming home to run the New Zealand Stock Exchange.

Mark Weldon, 34, who swam at the 1990 Auckland Commonwealth Games and the 1992 Barcelona Olympics, will return from nine years in New York to become chief executive of the NZSE on June 4.

Those who know the multitalented New Zealander yesterday hailed his return as a win for the country.

They said he was ideally suited to the challenge of running the exchange.

Commerce Minister Paul Swain said the Government looked forward to working with Weldon to ensure that the NZSE maintained existing listings and promoted new ones.

"We like his international focus which means he will bring a fresh approach and we also like his strategic focus," Swain said.

"One of the critical issues that the Stock Exchange has identified is its new strategic direction, particularly following on from the Australian Stock Exchange's recent decision [to tighten the rules for foreign exempt listings there]."

Weldon, who is not giving interviews before taking up the job, works for McKinsey & Company in New York as senior adviser to chief executives, chief financial officers and heads of several big public and private groups.

Previously, he was a lawyer with leading New York legal firm Skadden, Arps, Slade, Meagher & Flom.

A former student of Macleans College at Bucklands Beach, he completed a doctorate in jurisprudence at the Columbia University School of Law, New York, in 1997. Earlier, he gained a masters degree in economics and bachelor degrees in commerce and arts from Auckland University.

Basil Sharp, head of the university's economics department when Weldon was a student, said Weldon was an outstanding individual.

Sharp said Weldon would be found either in the gym or the classroom and he showed extreme dedication in completing his studies while also training for the Olympics.

"He's the sort of person who will really take the challenge of running the Stock Exchange on his shoulders and handle it well. It's New Zealand's win [that he's coming home]."

Mark Bone, who was involved in swimming coaching when Weldon was competing, said Weldon was "intense, very sincere and very motivated".

"He's academically very bright but also good at sport. He puts a lot back into his sport," he said.

It was fabulous news that Weldon was returning as he was a "super guy and it'll be great to have him back".

Bone said Weldon was popular on swimming trips because "as much as he was intense, he was full of fun and had a good sense of humour which was right on the border".

Weldon has expertise in stock exchange planning and market structure, institutional sales, trading and asset management, corporate planning and finance, mergers and acquisitions, and securities, corporate and international law.

NZSE chairman Simon Allen said Weldon was an outstanding New Zealander who would lead the exchange through a significant period of advancement.

"This coming period will see strategic initiatives designed to grow a vibrant capital market that is essential for the growth of the New Zealand economy," he said.

In a statement, Weldon said he was delighted to accept the leadership role.

"I am very positive about New Zealand's attributes as a country in a long-term global scenario.

"Our equity and debt markets need to be dynamic contributors to both the domestic and international growth of New Zealand.

"I am returning to New Zealand feeling I have had the best experience in the world, and I am ready to apply these skills in the evolving New Zealand market," he said.

Weldon replaces Bill Foster, who will leave the NZSE after a handover period.

Foster said in January that he would step down from the position he has held for 13 years.

Before he goes, Foster will complete the task of steering the NZSE through its demutualisation process.

With legislation expected to be passed this year, demutualisation is planned by the end of June, after approval by exchange members and the Governor-General.

In December, the NZSE appointed three independent directors - investment bankers Tim Saunders and Lloyd Morrison and commercial solicitor Andrew Harmos.

The changes were part of the demutualisation process - the present membership of 10 will be streamlined to six or seven, including the managing director, three independent directors and three broker directors.

The NZSE listing rules are also being reviewed to align them more closely with the Australian ones.

Foster will continue as the NZSE representative on the World Federation of Exchanges.