Stock Exchange chief retires

The board of the Irish Stock Exchange has announced that its chief executive, Tom Healy, is to retire from the Exchange in June 2007.

Mr Healy (56) has been head of the Exchange for twenty years. He communicated his decision to the board of the Exchange at their regular meeting today.

The board said that they had accepted the decision with regret.

Chairman of the board of the Exchange, David Kingston, said that Tom Healy had made an enormous contribution to the Exchange since his appointment in 1987: “The past two decades have been years of huge change for the Irish Stock Exchange and Tom’s leadership has been crucial to our success during that time”

Kingston singled out the development of the highly successful funds and specialist debt listing businesses which began in 1989 and 1999, respectively, and the successful demerger of the Irish Exchange from the London Stock Exchange in 1995 as "landmark achievements" under Healy’s leadership.

“Twenty years ago the Irish Stock Exchange was a small branch of the London Exchange with no international business, which seemed to have a limited future.

Today the Exchange is a thriving business. It is the world leader in the funds listing business, and the dominant player in Europe in the listing of specialist debt. It is now an integral part of the financial services infrastructure in this country.

"That has all been achieved under Tom’s leadership. Indeed the importance of his contribution has been recognised internationally where he has advised on capital market development for both the World Bank and the USAID Programme.”

Tom Healy said that he had enjoyed his period as chief executive enormously.

“It has been a tremendous privilege and pleasure to work with all my colleagues in the Exchange over the past twenty years.

"The Exchange is well positioned now to respond to challenges which will undoubtedly emerge from the ongoing evolution of the Capital Markets in Europe and I wish the Exchange and all those associated with it, every success in the years ahead," said Mr Healy.