The Bermuda Stock Exchange has announced that it is to change its senior executive, putting a Bermudian in sole charge of the operation by the end of the year.

William Woods, who currently holds the post of Chief Executive Officer, will step down and Greg Wojciechowski will take over the post.

Mr. Wojciechowski, who has been with the BSX for eight years, has been promoted to President as well as Chief Operating Officer until the end of the year, when he will become President and CEO.

Mr. Wojciechowski joined the BSX in 1993 as the first official employee as Project Manager when it became an independent body, separate from the banks that originally set it up 30 years ago.

"We didn't have anything but our vision at that time," said Mr. Wojciechowski. "The bank's clubbed together and even found us some furniture to use when we set up. In fact there is a Bank of Bermuda desk still being used in the office from back then.

"It has been a busy five years and there have been great developments for the BSX in that time. And I look forward with great anticipation to leading the BSX forward as we continue to evolve and grow."

In 1994 William Woods joined Mr. Wojciechowski after doing a feasibility study on the internationalisation of the BSX.

He was hired to take over the helm as CEO and together the two men have seen the BSX grow to become an internationally established and recognised exchange.

Mr. Woods said: "I am extremely proud of the development and growth of the BSX over the last six years. We now have more than 340 listings, 21 members and a market capitalisation of $148 billion.

"At the same time the exchange is now internationally recognised as a full member of the International Federation of Stock Exchanges.

"Most importantly, Greg and I have recruited and helped train a superb team of Bermudian managers who now run the day-to-day operations of the exchange. I take great satisfaction in knowing that when I hand over the CEO position to Greg, the BSX will be run by a highly competent and experienced Bermudian management team."

Mr. Woods said he has not made a decision yet on where he is going to after leaving the BSX. He explained: "We have been so focussed on the settlement system that we haven't even begun to think of that. I have no plans."

He jokingly added: "But if somebody offers me a lot of money to stay, then I will."

He said it had always been his intention to leave the BSX after five years, but had stayed on to help with the electronic settlement system which will go live in the next couple of months. This will mean that deeds for shares on the BSX will be held on a computer and will make trading faster and more efficient.

He said: "There have been two senior executives for some time, and it was always the intention to have one."

David Brown, the chairman of the BSX, said: "The council of the Bermuda Stock Exchange is delighted that Mr. Wojciechowski has accepted the position of president with a view to taking over as CEO of the exchange. at the same time we are naturally very sorry to be losing William and we wish him every success in his future endeavours.

"Over the past six years these two gentlemen have worked very closely together, combining their skills to turn what was once a small domestic exchange into a leading world-class offshore securities market, one of which every Bermudian should be proud."