Hong Kong Exchange and Clearing chief executive Charles Li Xiaojia will step down 10 months earlier than planned, in the midst of an ongoing search for his successor.

Charles Li Xiaojia – dubbed «Mr. China» for his role in deepening Hong Kong and the mainland’s financial ties – retire from the role on December 31, according to an exchange filing, 10 months ahead of October 2021 when the contract was originally due to end.

In May, Li said he would not renew his contract when it expired next year and that he might exit earlier if a successor is found, sparking speculation that HKEX may have already found the replacement.

«Good progress has been made on the chief executive search process, and we will update the market when appropriate,» said Laura Cha, the chairwoman of HKEX who is heading the selection committee for Li’s successor.

Interim CEO

Meanwhile, HKEX co-president and chief operating officer, Calvin Tai, has been named the interim chief executive from January 1 onwards. Tai is currently responsible for exchange, clearing and risk management for both the securities and derivatives business.

The 58-year old veteran joined the Hong Kong Futures Exchanges as its head of products in 1998 before it merged with the stock exchange and three clearing houses in 2000.

According to the HKEX board, it is confident objectives from its 2019-2021 plan will be met under Tai's leadership while Li will remain as a senior adviser to support transition for six months.

Oilfield Worker to Bourse Chief

The 59-year old Li was born in Beijing and raised in China’s rural northwest before he got his first job as a worker on an offshore oil rig at the age of 16. Four years later, he would attend and complete an English literature course at Xiamen University before working as a reporter for China Daily.

After two years as a journalist, Li would earn two more degrees in the U.S. before kicking off his banking career in 1994 with Merrill Lynch in New York. He was transferred to Hong Kong in 1995 and by 1999, he was named president of China. In 2003, he joined J.P. Morgan as its China chairman and in 2010, he finally joined HKEX for the city’s highest-paid job in the sector.

«Being chief executive of HKEX has been the highlight of my career to date,» Li said. «It is now the right time for me to begin to pass the mantle to the next generation of HKEX leaders.»