SINGAPORE (Feb 24): Singapore Exchange's Chief Executive Officer Magnus Bocker, who underperformed his peers after an A$8.35 billion ($8.8 billion) failed bid to take over its Australian rival in 2011, will leave at the end of June.

The 53-year-old former Nasdaq OMX Group Inc. president also faced multiple outages at the Singapore bourse last year, forcing him to start his sixth year at the company with a public apology.

“The move is a little surprising but it seems that the press had reported some pressure earlier on,” Benjamin Ong, an analyst at Phillip Securities Pte in Singapore.

The company’s shares have risen 4.6% since Bocker became CEO in December 2009, while the benchmark Straits Times Index has rallied 26%. SGX has also underperformed Hong Kong Exchanges & Clearing, which has surged 28%, and ASX., which has jumped 33%.

Bocker, whose contract expires in June, notified the SGX board he won’t seek an extension, according to a company statement on Tuesday. He said the exchange’s push in Asian equity index derivatives was among his biggest accomplishments.

New Challenges

“There is a time and season for everything, and it is now time for me to take on new challenges,” Bocker said in the statement. “I am confident that what we have built at SGX will endure and continue to serve the market well.”

SGX opened its securities market 3 1/2 hours late on Dec 3 because of a software error, less than a month after halting trading for more than two hours due to a power-supply failure -- leading Bocker to make a public apology amid broker anger and criticism from the city-state’s financial regulator.

“Magnus Bocker has done a good job a developing the reputation of the Singapore stock exchange,” said Mathew Welch, a Singapore-based fund manager at ACA Asia Dorset Fund. “It surprises me that he should be leaving in the wake of an event which was basically an IT issue.”

Faults have happened periodically in some of the world’s biggest stock markets. The CAC 40 Index of France’s largest companies failed to calculate for more than three hours on Nov. 27 after Euronext NV suffered a technical incident.

On Oct. 31, a computer malfunction forced Deutsche Boerse AG to suspend trading on its Xetra equities platform for 72 minutes. A day before that, the New York Stock Exchange had to switch to a backup system after a network hardware failure caused its price feed to malfunction.

Bocker also grappled with a slump in stock-trading volume as he faced competition from Hong Kong to be the gateway for investors into China. In the three months ended Dec. 31, SGX posted its first quarterly profit growth in more than a year after a world-beating rally in Chinese stocks spurred demand for derivatives.