Xavier Rolet to step down as London Stock Exchange chief executive

Lloyd Doyle
October 19, 2017

As Xavier Rolet approaches nine years of extraordinary success, London Stock Exchange Group (LSEG) announces that he will leave the Group by the end of December 2018.

The LSE board confirmed it is in the process of finding a successor and will work closely with Rolet to "ensure a smooth transition process".

His tenure has seen the LSE seal a string of acquisitions, although it was marred by the recent failed attempt at a £21 billion merger with German rival Deutsche Borse to create a European trading powerhouse after it was blocked by the European Commission in March.

Mr Rolet has led the exchange for nearly a decade, dramatically expanding the group's market capitalisation from around £800m to nearly £14bn and transforming the business from a stock trading company to a veritable powerhouse for financial markets globally.

Donald Brydon, chairman of London Stock Exchange Group, said that under Mr Rolet's leadership, the bourse had been "transformed in scale to become a truly diversified and worldwide leader in financial markets infrastructure".

"I am extremely proud of all we have done together in just under a decade to turn LSEG into a truly global financial market infrastructure group", said Rolet. Mr Rolet had planned to step down had it gone through.

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. He joined the London Stock Exchange in 2009 where he succeeded Dame Clara Furse as CEO.

"Overall his legacy is one of many good deals which entirely transformed LSE as a group, albeit with the concern that he never really integrated any of his purchases adequately", exchanges expert Patrick Young said.

He added he would focus on ensuring an "orderly transition" to his successor.

LSE said in a separate statement on Thursday that group income for the quarter ended Sept rose 17 percent to 1.66 billion pounds ($2.19 billion), with revenue up 14 percent to 486 million pounds as its clearing and FTSE Russell businesses grew strongly.

Other reports by Iphone Fresh

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