LSE activist investor repeats call chairman's exit

British activist investor The Children's Investment Fund echoed its demand Thursday for the removal of London Stock Exchange Group chairman Donald Brydon.

The latest twist in the boardroom saga came one day after LSEG chief executive Xavier Rolet announced his immediate departure.

TCI boss Christopher Hohn said in a statement on Thursday that a resolution to remove Brydon "should proceed to a general meeting" no later than December 28.

"There is no change to our position on this," he said.

Rolet had left his post on Wednesday, bringing forward a planned exit after blaming 'unwelcome publicity' surrounding talk that he had been forced to step down.

The LSEG had also announced on Wednesday that Brydon, who is accused by TCI of forcing Rolet out in a reported boardroom struggle, will not stand for re-election in 2019.

That stopped short of TCI's demands for his immediate removal.

Hohn added Thursday that TCI would withdraw its demand for Rolet to remain until 2021, given his early departure.

LSEG, which also owns the Milan stock exchange, last month announced that French national Rolet, who took over in 2009, would leave by the end of next year.

Since the October announcement, TCI has questioned whether Rolet chose to leave or was pushed out by the board of directors amid reported concerns over his management style.

TCI, which owns five percent of LSEG, had wanted Rolet to stay and instead called for the departure of Brydon.

Bank of England governor Mark Carney on Tuesday called for clarity on the contested departure and suggested Rolet's exit should go ahead.

The LSEG has appointed chief financial officer David Warren as its interim chief executive. He will carry out both roles until a successor to Rolet is found.

Source:AFP