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The financial secretary of Hong Kong SAR government John Tsang announced Friday the appointment of Norman Chan as the next chief executive of the Hong Kong Monetary Authority (HKMA).
Chan's new term will be five years from Oct. 1, 2009 with an annual fixed pay of 6 million HK dollars. The total pay package of the new HKMA Chief Executive will be 32 percent lower than that of the incumbent.
"He is an ideal person for this position," said Tsang.
"Norman has a deep understanding of Hong Kong's financial markets and banking supervision. He is also conversant with the operation of the financial markets overseas and in the Mainland,"
"He will be able to assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters," Tsang added.
The 55-year-old Chan, currently director of the Hong Kong chief executive's office, will take the place of Joseph Yam, who will step down from the top HKMA post on October 1. His present job will be filled by Undersecretary for Constitutional affairs Raymond Tam.
Chan was appointed Director of the Chief Executive Office in July 2007.
In December 2005 - June 2007, Chan joined the Standard Chartered Bank as Vice Chairman, Asia. Prior to joining the Bank, Chan was Deputy Chief Executive of HKMA.
Chan was appointed Deputy Director (Monetary Management) of the Office of the Exchange Fund in 1991. He became an Executive Director of the HKMA in 1993 and was appointed Deputy Chief Executive in 1996. |
