LSE boardroom ceasefire is least bad outcome

30 Novembre, 2017, 12:38 | Auteur: Anatole Charbonneau
  • Xavier Rolet

"I can't envisage a circumstance where a CEO stays beyond the agreed period", he said.

Xavier Rolet, who has been CEO of the world's third biggest stock market since 2009, said Wednesday that he would immediately resign his position.

Hedge fund TCI has written to the board of the London Stock Exchange to say it intends to respond more fully on Thursday, after the exchange asked the fund to withdraw a call for an extraordinary general meeting.

Shares in the LSE Group fell 2% after Mr Rolet's shock announcement.

On Tuesday, Bank of England governor Mark Carney said he was "mystified" by the dispute and said it was "in the interest of all parties that clarity is provided as soon as possible".

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David Warren, the LSE's chief financial officer, will take over as interim CEO until a successor is appointed. After an increasingly bitter boardroom battle lasting weeks the London Stock Exchange Group has announced the departure this morning of both Xavier Rolet, chief executive, and Donald Brydon, chairman. Although Mr Brydon is remaining in his post now, it has been announced that he will not be standing for re-election in 2019.

In a statement issued by the LSE on Wednesday, Rolet said there had been a "great deal of unwelcome publicity" surrounding his departure "which has not been helpful to the company". "I will not be returning to the office of CEO or director under any circumstances", he added. "We acknowledge, as I said last month, Xavier's enormous - indeed transformative - contribution to the business".

The 58-year-old became LSE chief executive in May 2009 after a career in trading that started in the 1980s at Goldman Sachs.

The exchange must chart a new course after the European Union blocked its plan to merge with Deutsche Boerse.

In a letter seen by City A.M., the board accused TCI and its boss Sir Christopher Hohn of launching "a public, concerted and highly personalised campaign" which was "calculated to upset the smooth execution of the succession plan". TCI declined to comment.



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