Baltic Exchange on Monday named Mark Jackson, a former Chairman and Director, to replace Chief Executive Officer Jeremy Penn.
Baltic Exchange shareholders earlier approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market.
Jackson, Chief Commercial Officer of AM Nomikos Group, is expected to take up his appointment early in 2017. Penn announced his intention to stand down last year, the Exchange said in a statement.
Jackson was elected Vice Chairman of the exchange in 2007 and served as its Chairman from 2009 until 2012.