November 6, 2017 / 7:26 AM / in a year

LSE says followed proper procedure for CEO succession

Nov 6 (Reuters) - London Stock Exchange Group said it had followed the “proper governance process” for its CEO succession, after major shareholder TCI Fund Management called on Chairman Donald Brydon to step down, saying that CEO Xavier Rolet was being forced out.

The fund, which owns more than 5 percent of the stock exchange, said in a letter reviewed by Reuters that it wanted Rolet’s contract to be extended to 2021 and asked the company to suspend the search for a new CEO immediately.

LSE said on Monday that the Financial Conduct Authority had been kept informed throughout the process.

Rolet will provide input into the process to find his successor and is focused on his role as CEO until one is appointed, LSE said.

LSE announced on Oct. 19 that Rolet would be stepping down as by the end of 2018.

Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens

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