Xavier Rolet has announced his resignation from his position as CEO of London Stock exchange with immediate effect, in a bid to resolve ongoing speculations about tensions among the exchange’s leadership. His role will be taken over by current CFO David Warren on an ad interim basis.
In addition, chairman Donald Byron has confirmed that he will not stand for re-election at the group annual general meeting in 2019. In a statement to shareholders, the group said that: “he and the Board believe that at that point it would be in shareholders’ interests to have a new team at the helm to steer the future progress of the Company.”
Rolet commented on his decision: “Since the announcement of my future departure on 19 October, there has been 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.”
Last month, LSE had already revealed that Rolet would leave the group by the end of December 2018, however, the announcement has been received with mixed responses by shareholders. Activist investor The Children’s Investment Master Fund (TCI), which holds 5% of LSE shares, has earlier send a requisition for a general meeting and proposed a number of resolutions in a bid to ensure the tenure of the current leadership. LSE has now requested TCI to withdraw its requisition.