New Delhi: India's largest commodity exchange MCX on Tuesday said Lambertus Rutten will step down as its Managing Director and CEO at the end of this month.

Rutten, however, would continue to contribute to the MCX board as a non-executive director and would also be a part of the search panel to identify his successor.

"Lambertus Rutten, MD & CEO, MCX will not be renewing his contract after completing his second 3-year term with the company for personal reasons, as his family in Europe is unable to relocate to India," MCX said in a statement.

His current term is expiring on June 30.

Earlier, Rutten - a Dutch national -- was considering relocating his family to India and renew his contract, it added. He is MD & CEO of the company for the last three years.

MCX board has constituted a committee to select a new MD & CEO.

The members of the search panel are -- Venkat R Chary, Chairman & Independent Director, Jignesh Shah, Vice Chairman, CM Maniar, Independent Director and Senior Advocate of Crawford Bayley and Lambertus Rutten, outgoing MD & CEO.

"Rutten will also be a part of the committee to select his successor," the statement said.

After selecting the new MD & CEO, the panel would recommend the name to the sector regulator - FMC for its approval.

"The task of shaping up MCX as a world-class exchange and seeing it rising to the ranks of the 3rd largest exchange in the world in a short span of 8 years was a 360-degree experience for me," Rutten said, after taking the decision to not to renew his contract.

"Among the many firsts that MCX achieved during my tenure, I am proud that MCX became the first listed exchange in India after completing the most phenomenal IPO in recent times...In future, I will continue to assist the highly professional MCX team for achieving many such firsts," he added.

On the decision, MCX Chairman Venkat Chary said: "Rutten brought in the best of international experience and global insights with his 20 years of experience with United Nations Conference on Trade & Development (UNCTAD) and World Bank, while he served as the Jt MD and subsequently as the MD & CEO of MCX".

(Agencies)

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