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LSE's CEO Xavier Rolet to step down immediately

First Published 29th November 2017

London Stock Exchange Group CEO Xavier Rolet agrees step down with immediate effect. CFO David Warren appointed as interim replacement. Chairman Donald Brydon will not stand for re-election in 2019

The London Stock Exchange Group Board has asked David Warren, CFO, to assume the additional role of Interim CEO until a successor is appointed. David Warren has been CFO of LSEG for the past five years. Prior to joining LSEG, David Warren spent nine years as CFO of NASDAQ.

Donald Brydon has indicated that he will not stand for re-election at the annual general meeting of LSEG in 2019, as he and the Board believe that at that point it would be in shareholders' interests to have a new team at the helm to steer the future progress of the Company.

On 19 October 2017, LSEG announced that the Board was initiating a transition process to find a successor to the Company's CEO, Xavier Rolet, who would leave by the end of December 2018. The Board said it believed, and continues to believe, this was in the best interests of the Company.

On 9 November 2017, The Children's Investment Master Fund (TCI), a shareholder in LSEG, sent a requisition for a general meeting and proposed two resolutions related to the continued tenure of Donald Brydon as Chairman and Xavier Rolet as CEO.

In light of this announcement, the Company has asked TCI to withdraw its requisition. If TCI does not withdraw its requisition in full, the Board intends to publish a shareholder circular confirming among other things the date of the general meeting at which the proposed resolution or resolutions will be put. The circular would be published no later than 30 November 2017.

Xavier Rolet said: "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."

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