Mumbai: Country's largest commodity exchange MCX on Thursday said that Shreekant Javalgekar will be its new CEO and Managing Director from next month.

While the bourse's existing MD & CEO Lamon Rutten would continue as a non-executive director on MCX board upon the expiry of his term on June 30, Javalgekar has also been appointed as Additional Director with effect from on Thursday.

Currently, Javalgekar is a director on the board of FTIL, the founder entity of the exchange and has spent two decades in senior management positions of Larsen & Toubro Limited, handling roles in finance and treasury.

He was formerly MD of Lazard India and Advisor to Nexgen Financial Solutions, a Singapore Technologies' company.

MCX said that its board of directors on Thursday recommended for Javalgekar's appointment as MD & CEO, subject to the approval of Forward Markets Commission (FMC) and shareholders, for a period of three years with effect from July 1, 2012 or the date of approval of FMC, whichever is later.

Earlier this month, MCX had said that Lamon Rutten will step down as its Managing Director and CEO at the end of this month, but would continue on MCX board as a non-executive director.

Rutten was also part of the search panel that was formed to identify his successor.

Rutten had told the exchange that he was not willing to renew his contract after completing his current 3-year term with the company for personal reasons, as his family in Europe was unable to relocate to India. His term is expiring on June 30.

Earlier, Rutten - a Dutch national -- was considering relocating his family to India and renew his contract.


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