UPDATE 1-Canada's TMX names Lou Eccleston as CEO

Mon Sep 29, 2014 6:14pm EDT
 
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By Alastair Sharp

TORONTO, Sept 29 (Reuters) - TMX Group Ltd named Lou Eccleston as its new chief executive officer, the Toronto Stock Exchange operator said on Monday, after a lengthy global search to replace retiring CEO Tom Kloet.

Eccleston left McGraw Hill Financial in July. He had most recently been president of the company's S&P Capital IQ unit, a real-time data provider, and chairman of index unit S&P Dow Jones Indices.

Just last week, TMX and S&P Dow Jones Indices launched two new indices offering exposure to Canadian stocks with the highest yield and buyback ratios.

Eccleston has also previously worked at Thomson Reuters Corp predecessor Thomson Financial, and at Bloomberg LP. He'll take up his new role at TMX on Nov. 3, pending work permit approvals.

Eccleston has won praise for being at the forefront of financial technology innovation, including the development of S&P Capital IQ's data analytics offerings.

"It was clear that Lou has the right skill set, experience and proven track record to be successful in this critical role," TMX chairman Chuck Winograd said in a statement.

TMX has struggled more than most of its global peers because of its reliance on new issues and capital-raising by the cyclical energy and mining sectors, and it recently migrated its trading platform to offer ultra-fast transaction speeds and diversified via small acquisitions and internal moves.   Continued...