The Vancouver Stock Exchange has appointed a new president and chief executive officer to succeed Donald Hudson, who is retiring after almost 14 years in the position.
Michael Johnson, 52, former chairman and president of the Household Financial Canadian group of companies, will assume his duties in October.
The VSE is the third most active stock exchange in North America in terms of volume of shares traded, and juniors listed on the exchange have contributed to many of Canada’s most important discoveries, including the Hemlo gold camp of Ontario, the Eskay Creek gold project in British Columbia, and diamond discoveries in the Northwest Territories.
Despite its success in these areas, a series of scandals, many of which involved nonresource ventures, has led to calls for reform.
A study commissioned by the British Columbia government has recommended several changes to protect investors from trading abuses which have occurred in the past. The appointment of an individual not previously associated with the exchange is seen as a positive step towards this goal.
VSE Chairman Ross Sherwood describes Johnson as “eminently qualified to fill this important position and effectively meet the challenges ahead.”
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