Published: Wed, November 29, 2017
Money | By Armando Alvarado

LSE Chief Rolet Steps Down After "Unwelcome Publicity"

LSE Chief Rolet Steps Down After

Xavier Rolet, chief executive of London Stock Exchange, is to leave the exchange "with immediate effect", one year ahead of his scheduled departure.

The LSE Group said it "believed, and continues to believe" that the previous plan to hunt for a successor to Mr Rolet for his departure by the end of 2018 was "in the best interests of the company".

The board's comments came as Rolet, who unexpectedly announced last month that he would leave the LSE next year, announced this morning he would step down immediately. The fund requested a general meeting to seek the removal of Brydon as chairman and retain Rolet as CEO.

Mr Brydon said: "I look forward to working with David and his team. We acknowledge, as I said last month, Xavier's enormous - indeed transformative - contribution to the business".

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".

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At the request of the board, I have agreed to step down as CEO with immediate effect.

"I can't envisage a circumstance where a chief executive stays beyond the agreed period".

Mr Rolet's departure comes after eight years in the top job, during which time the LSE has seen its stock market value soar from £800 million to almost £14 billion.

Investors, however, have reacted badly to the update, sending London Stock Exchange's share price 2.16 percent lower to 3,718.00p as of 09:44 GMT, underperforming the broader United Kingdom market, with the benchmark FTSE 100 index now standing 0.49 percent higher at 3,718.00 points.

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. Unless Hohn does step back from the battle, the LSE will have until Friday to announce the date of a shareholder meeting.

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