The Dubai Mercantile Exchange (DME) has announced that its chief executive officer Thomas Leaver will depart to pursue other interests after six years of service.

The board of directors has appointed a transition committee to oversee the search for his replacement, a statement said. Leaver will support the committee until a new chief executive is hired. 

Joining in 2006 as chief operating officer, Leaver played a key role in the development and launch of the DME. He has been the chief executive officer since 2008.

Ahmad Sharaf, chairman of DME, said: “Under Leaver’s stewardship, the exchange has grown steadily, continuing to set new trading records and attracting a broad range of market participants. DME Oman has become the largest physically delivered crude oil futures contract in the world and is recognised increasingly as the benchmark for Middle East crude oil destined for East of Suez markets.”

“In a significant development, the DME recently received a major vote of confidence from shareholders with the announcement of increased investment and support to enable it to continue growing its business,” he said.

DME Oman is the sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the historically established markers for Middle East crude oil exports to Asia Pacific. – TradeArabia News Service