Danny McCance 29 Nov 2017 02:55pm

LSE chief executive Xavier Rolet steps down

The chief executive of the London Stock Exchange (LSE) has unexpectedly stepped down following a request from the board

The board have asked David Warren, its current CFO to step in as interim CEO following Rolet’s resignation.

The LSE also announced that chairman, Donald Brydon, would not be standing for re-election in 2019 and said in a statement that it believes it would be in the best interest of shareholders to have a new team to lead the company.

The resignation of Rolet comes a month before a difficult shareholder meeting, in which his fate would be decided by investors, according to the Financial Times.

It was originally announced that Rolet would be ending his eight-and-a-half-year tenure in December 2018 in October.

However, due to what he expressed as “a great deal of unwelcome publicity, ” which he felt was damaging to the company, he chose to step down “with immediate effect”.

The Children’s Investment Master Fund (TCI) called a requested a meeting on the continued tenure of both Rolet and Brydon at the beginning of November.

TCI manager and founder Chris Hohn led the revolt against what the fund perceived was ill treatment of Rolet by Brydon, claiming that he had been forced out and gagged with confidentiality clauses, according to the FT.

The LSE has asked TCI to withdraw its requisition.