TMX Group Inc.’s retiring chief executive officer Tom Kloet says he did what he wanted to do in a very busy six-year tenure at the company. The next stage of the strategic push to make TMX more international requires a successor willing to put in five years to make it happen, he says.
Mr. Kloet came to TMX as the first outsider to Canadian markets to ever run the company. His goal was to make the market and clearinghouse operator more diverse and international, and to repair the tattered relationship between the owner of the Toronto Stock Exchange and its customers. It didn’t turn out quite the way he planned it. What would have been his signature transaction – a merger with the London Stock Exchange Group Plc – was derailed by a higher bid for TMX from a group led by most of Canada’s big banks. That, however, came with its own opportunities. The resulting transaction gave TMX ownership of the country’s stock clearinghouse, something the company had long coveted.