The Hong Kong Exchanges and Clearing (HKEx) has hired a new independent director, John Williamson, to replace David Webb, who resigned last month.

Williamson, 49, is the managing director and chief financial officer of Search Investment Group, the HKEx said in a statement issued yesterday.

It isn't the first time Williamson has worked with the HKEx. He was a member of the clearing consultative panel from 2000 to 2007. He has also been director of the Hong Kong Securities Institute since 2006.

Before joining the Search Investment Group, Williamson was a managing director for Morgan Stanley Dean Witter Asia for 10 years. Before that, he was the chief operating officer at NatWest Securities Asia from 1994 to 1998.

The HKEx said Williamson is entitled to a director's fee of HK$300,000 a year and an additional remuneration of up to HK$50,000 per year for each of his committee memberships.

Webb's vacancy of the director position came in May after the latest HKEx board election that saw his nominee, Robert Bunker, defeated.

Asked about the new appointment, Bunker told China Daily that he is pleased that the HKEx has made a sound and sensible choice.

He said that Williamson is very experienced and highly respected in the financial community.

"He has been in Hong Kong for many years and fully understands the Hong Kong market," said Bunker, who sits with Williamson on the board of the Hong Kong Securities Institute.

(HK Edition 06/19/2008 page2)