London Stock Exchange CEO to step down

AFP: London Stock Exchange Group said yesterday that its chief executive, French national Xavier Rolet, would leave the company by the end of 2018 after almost a decade in charge. 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 is now initiating a process to find a successor and will work closely with Xavier to ensure a smooth transition process as the group continues to execute on its successful growth strategy,” a statement said.

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

Rolet said he was “extremely proud” to have helped “turn LSEG into a truly global financial market infrastructure group”.

Shares in LSEG, which also operates Borsa Italiana, were down 1.2 percent at £38.75 in early deals on London’s benchmark FTSE 100 index, which was 0.4 percent lower overall.

In a separate announcement, LSEG said that group revenues jumped by 18 percent to £442.7 million in the three months to September, compared with the third quarter of 2016.

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

It additionally bought LCH.Clearnet, the British clearing house.

But also on his watch, the LSEG failed in separate attempts to merge with the Toronto stock exchange and earlier this year with Germany’s Deutsche Boerse.

The EU in March blocked a proposed blockbuster tie-up of the London and Frankfurt stock markets owing to competition concerns and fallout from Brexit.