Baltic Exchange Chief Executive to Step Down

LONDON, Sept 25 (Reuters) – Jeremy Penn, chief government of London’s centuries previous Baltic Exchange will step down subsequent 12 months, the alternate mentioned on Friday.

Penn, who took the helm as CEO in 2003 after earlier high positions with worldwide information company Reuters, will go away subsequent summer season.

“It has been a privilege to work for the interest of the Baltic, its members and shareholders for the last 12 years and in many ways I shall be sorry to go,” Penn mentioned in an announcement.

During his tenure, Penn rebuffed overtures in 2010 and 2013 from the London Metal Exchange (LME) over a possible tie-up and likewise confronted warmth from brokers over the launch in 2011 by the Baltic of the primary central freight derivatives platform Baltex, fearing they might lose enterprise. (Reporting by Jonathan Saul; Editing by Veronica Brown)

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