ASX chief D'Aloisio forced out

Chief executive Tony D'Aloisio is to leave the Australian Stock Exchange (ASX) after its merger with the Sydney Futures Exchange (SFE).

D'Aloisio was previously to have remained in his post as chief executive after the merger. The chief executive of SFE, Robert Elstone, will instead take over, and D'Aloisio will leave the company.

The decision follows pressure from several SFE shareholders, which threatened to block the merger unless Elstone - originally meant to leave after the merger - was retained. The SFE will now contribute only two more directors to the merged board - Rick Holliday-Smith, chairman of SFE, and Peter Warne, a non-executive director of SFE.

D'Aloisio said he was "personally disappointed" not to be staying with ASX after the merger.

The merger has been approved by Australian regulators, and SFE shareholders are set to vote on it on July 5.