ROB ROSE: Quitting while ahead
As the JSE’s CEO bows out, it’s clear that some investors feel they haven’t had a fair shake
Nicky Newton-King, the formidable CEO of the country’s largest stock exchange, surprised many last week when she said she would retire in September after eight years in charge. Speaking to the FM, Newton-King says she’s been at the JSE for 23 years — and that’s enough. "I’ve had a ball, all the way from demutualising and listing the JSE, buying the SA Futures Exchange and Bond Exchange, and leading their tech investment. But it’s good governance for CEOs to say there comes a time for an organisation to be led by new energy," she says.
Since she began running the show, the JSE’s share price has risen 70% — marginally better than the rest of the market. Nku Nyembezi, the JSE’s chair, said she leaves the JSE "stronger, more diverse, more technologically advanced, commercially savvy and client-focused".