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LBMA Announces New Chief Executive

Friday, November 01, 2013

The London Bullion Market Association is very pleased to announce that Ruth Crowell, who has served as the LBMA’s Deputy Chief Executive since June 2012 and previously its Commercial Director, will take over as Chief Executive when Stewart Murray retires from this role at the end of December.

Ruth has worked for the LBMA for the past seven years, most recently having been responsible for
the Association's increasing workload in the regulatory sphere including supply chain due
diligence, especially with regard to the development of the LBMA's Responsible Gold Guidance.
She has been representing the Association at industry, governmental and multi-stakeholder
regulatory forums related to this important topic.  This includes serving as the Vice-Chair of the OECD Multi-stakeholder
Governance Group.

Prior to joining the LBMA, she worked in bank finance and US corporate law at the law firms of
White & Case and Norton Rose, and also acted as a monitor at the UN Commission on Human Rights in

She has an MSc in History of International Relations from the London School of Economics and a
degree in English Literature from Kenyon College in Ohio.

Commenting on the appointment, Stewart Murray, the LBMA Chief Executive, said:
“I could not be more delighted that the Management Committee has decided to appoint Ruth as the
next Chief Executive.  The LBMA will be in safe hands as it meets the challenges stemming from
regulatory and other changes.  The appointment is more than justified by Ruth’s work ethic, market
knowledge and commitment to the Association. She has made a huge contribution to the LBMA’s
achievements in recent years, not only in relation to our regulatory work but also in the growth of
the annual conference and our PR offerings – the Alchemist and the website.  I am so pleased that I will be able to continue my involvement with the LBMA’s Good Delivery system on a consultancy basis.  I look forward to supporting Ruth in her new position.”

David Gornall, LBMA Chairman, noted:
“Following Stewart’s announcement that he would retire as Chief Executive, the Management Committee
took the view that it would be appropriate to invite applications from well qualified people who
were interested in taking over this role.
Following a number of interviews with several strong candidates, the Management Committee made the
decision that Ruth was the right person to lead the LBMA in the next phase of its development.  Her
experience gained in a number of arenas, her knowledge of our market and the industries which it
serves, have grown rapidly in the past seven years.  Together with her energy, team leadership
skills and ability to multi-task we are very confident that she will provide the guidance and
judgment that the LBMA needs in order for it to succeed in the increasingly challenging world that
we now face.”

For further information contact Stewart Murray, on +44 (0)20 7796 3067 or

About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter
market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members,
including the setting of good delivery and refining standards, the organisation of conferences and
other events, and serving as a point of contact for the regulatory authorities. For more information, please visit

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