The Hong Kong Exchanges and Clearing Ltd (HKEx) board has named Charles Li to succeed Paul Chow as the chief executive of HKEx and as ex-officio member of the board, effective Jan 16, 2010, according to a statement posted on its website yesterday.

Chow will retire from his current post on Jan 15, 2010. To ensure a smooth transition, Li will join HKEx on Oct 16 this year.

Li's appointment has also received the written approval of the Securities and Futures Commission as required under Section 70 of the Securities and Futures Ordinance, according to the statement.