The chief executive of the Australian Securities Exchange (ASX), Robert Elstone has announced his plans of retirement from the company in the month of July of next year.

Robert Elstone was a former boss of the Sydney Future Exchange and he took his charge as the chief executive of the ASX before four years as it merged with the futures market.

The chairman of ASX, David Gonski said the board of the company will appoint an executive search to find out a successor for the current CEO Mr. Elstone. He also cleared that the search process will include candidates from both the outside of the company and within the company.

In the company’s point of view the retirement announcement came at a critical time as the new CEO will have to adjust himself in to the critical Australian market.

In the annual meeting of the company the chairman of the firm said Mr. Elstone had served the company extremely well and the company would be always grateful to him for his numerous achievements over a number of years. He is expected to step down from his post on 11th of July in the next year.