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 Brexit
It's been a case of 'will he, won't he' for a while now But the decision by Xavier Rolet to step down immediately as CEO of the London Stock Exchange was not expected. He'd said he stay until the end of 2018. The change of heart follows a long running spat between activist hedge fund TCI and the Chairman Donald Brydon. He was accused of pushing Rolet out - and TCI wanted Brydon to go. He's now going too - but not until 2019. It's all come at a tricky time for the LSE - it could lose a chunk of its derivatives clearing business to Brexit. That's expected to go to Deutsche Boerse - which the LSE has tried to merge with three times. That was a key disappointment for Rolet But in his 8 and half years as CEO he was able to expand and diversify the LSE. News of his departure sent stock down more than 2 percent They've seen a near five-fold increase since he took over. He'll be temporarily replaced by CFO David Warren.