During this period, we have tackled a number of major issues and in doing so have set up the opportunity for the merger with SFE Corporation Limited (SFE).
The key achievements we have made include:
- Establishing a performance culture including linking executive and operational performance to rewards
- Bringing costs under control, including renegotiating a number of onerous leases
- Divesting underperforming and non-core assets
- Ushering in a new pricing system which better positions ASX’s business to capture new market flows from international direct market trading
It is personally pleasing to have played a part along with our project team in getting the ASX/SFE merger proposal to this point.
I remain of the firm belief that the ASX/SFE merger is the right option for both organisations and their shareholders.
Both the ASX and SFE Boards unanimously endorsed the merger proposal and my appointment in March 2006 to lead the merged organisation moving forward.
I am personally disappointed that I will not now be leading the merged entity and congratulate and sincerely wish Robert Elstone the best in his new role.
I will continue to lead ASX until the outcome of the merger process is known. I have told my Board and my executive team that it will be business as usual until the merger is finalised, and I will then move on to the next challenge.