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London Stock Exchange boss Xavier Rolet steps down with immediate effect

City A.M. Wednesday, 29 November 2017
London Stock Exchange boss Xavier Rolet steps down with immediate effectXavier Rolet, the chief executive of the London Stock Exchange (LSE) Group, has stepped down with immediate effect after a row broke out between the board and an activist investor over his planned departure.

The LSE first announced Rolet would leave by the end of 2018 in October, but shareholder The Children's Investment (TCI) accused chairman Donald Brydon of forcing Rolet out and called for a general meeting to be held to remove Brydon. 

Brydon today indicated he would not stand for re-election at the company's annual general meeting in 2019.

David Warren, the LSE's chief financial officer for the past five years, will become the interim boss.

*Read more*: Plot to save stock exchange boss Xavier Rolet risks triggering a messy exit

TCI had also called on the Bank of England (BoE) step in to remove Brydon, prompting BoE governor Mark Carney to step into the battle yesterday, saying he thought it unlikely that Rolet would continue as chief executive of the LSE, in an implicit backing of the LSE board.

In a statement, Rolet said the announcement of his departure in October had brought "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.

Brydon added:

"The board is confident LSEG will continue to prosper with David Warren as interim CEO and the existing strong management team. They have deep knowledge of LSEG's business and helped shape, lead and execute its strategies. They are already working towards LSEG's current three year financial targets. I look forward to working with David and his team. We acknowledge, as I said last month, Xavier's immense - indeed transformative - contribution to the business."

*Read more*: BoE's Carney says he can't see Rolet continuing as LSE boss
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News video: LSE CEO quits after management row

▶ LSE CEO quits after management row 01:08

London Stock Exchange CEO Xavier Rolet is stepping down immediately and its chairman will not seek re-election, as the exchange tries to draw a line under a row with a top shareholder over management succession. As Laura Frykberg reports, the move comes at a time of possible bigs changes due to...

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