LSE launches search for CEO as Xavier Rolet resigns

Ruben Hill
October 19, 2017

It gave no reason for Rolet's move, which will precede Britain's planned formal departure from the European Union scheduled for March 2019.

The board said it will now initiate the process of finding a successor.

Rolet joined LSEG in 2009 and since then, the company's market value has rocketed to almost £14 billion ($18.5 billion, 15.7 billion euros) from £800 million, it added.

Chairman Donald Brydon said: "Under his leadership, LSEG has been transformed in scale to become a truly diversified and global leader in financial markets infrastructure".

Shares in the LSEG were down slightly from the previous close, trading at £38.98p per share.

Meanwhile, for the quarter ended September 30, the bourse reported revenue of 442.7 million pounds ($583.7 million) compared with GBP376.2 million a year earlier.

Under Rolet's stewardship, the company bought U.S. asset manager Russell for $2.7 billion to diversify and boost its business in the United States.

Under the Frenchman's leadership, the exchange has completed a string of deals including buying up the FTSE Group and clearing house LCH Clearnet. LSE walked away from an attempted takeover of the Toronto stock exchange in 2011 in the face of a rival bid from Canadian banks, while competition regulators thwarted his bid to merge with Deutsche Boerse.

Shareholders and London Stock Exchange staff were disappointed by the news.

After nearly a decade as chief executive, Xavier Rolet has announced plans to step down from the London Stock Exchange (LON:LSE) by next December.

The deal is subject to regulatory approval, which is expected before the end of this year.

LSE said it would start looking for his successor immediately.

Mr Rolet has led the London Stock Exchange Group (LSEG) since May 2009 and embarked on a string of acquisitions, including the £1.6bn takeover of USA stock index Frank Russell.

Other reports by Click Lancashire

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