Dispute in London Stock Exchange's search for CEO successor

The London Stock exchange has said that it has followed “proper governance process” for its CEO succession, despite a major shareholder saying that CEO Xavier Rolet was being forced out – Reuters reports.

TCI Fund Management, which owns more than five per cent of the stock exchange, is calling on Chairman Donald Brydon to step down. It also wants Rolet’s contract to be extended to 2021 and therefore wants the Search for his successor to be ended immediately.

TCI said it had met with Brydon and a senior independent director last week and did not get a satisfactory answer for Rolet’s departure and that it would call for an Extraordinary General Meeting if Rolet was not retained as CEO.

London Stock Exchange announced in October that Rolet would step down at the end of next year whilst providing input into the process to find his successor.