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29 Nov 2017 08:01  

LONDON (Alliance News) - London Stock Exchange Group PLC on Wednesday said Chief Executive Xavier Rolet has agreed to step down with immediate effect at the board's request and will not return under any circumstances, following a bust up between the board and a major shareholder.


Rolet was previously expected to leave by the end of 2018. The news comes after the activist hedge fund Children's Investment Fund - led by Christopher Hohn - accused the company of dismissing Rolet without cause in October. The fund holds a 5.0% stake in the company.


"Since the announcement of my future departure on 19 October, ?there has been a great deal of unwelcome publicity, which has not been helpful to the company. At the request of the board, I have agreed to step down as CEO with immediate effect. I will not be returning to the office of CEO or director under any circumstances. I am proud of what we have achieved during the past eight and a half years," Rolet said.


The stock market operator also said Chairman Donald Brydon has decided not to stand for re-election at the company's annual general meeting in 2019, as he believes it would be in shareholders' interests to have a new team to steer the future progress of the company. David Warren, currently chief financial officer, will assume the additional role of interim CEO until a successor is appointed.


London Stock Exchange Group has asked Children's Investment Fund to withdraw its general meeting requisition in light of the management changes. The fund requested a general meeting to seek the removal of Brydon as chairman and retain Rolet as CEO. The company intends to publish a circular for a general meeting if the activist hedge fund does not withdraw its requisition.


The company also said that it will honour the Rolet's remuneration payments agreed agreed in connection with his departure.


By Tapan Panchal;


Copyright 2017 Alliance News Limited. All Rights Reserved.


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