💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Activist TCI calls on LSE chairman to step down, says Rolet being forced out

Published 11/03/2017, 04:56 PM
Updated 11/03/2017, 05:00 PM
© Reuters.  Activist TCI calls on LSE chairman to step down, says Rolet being forced out
LSEG
-

(Reuters) - UK activist investor TCI Fund Management has called on London Stock Exchange Group's (L:LSE) Chairman Donald Brydon to step down, saying that Chief Executive Xavier Rolet was being forced out of the company.

The fund, which owns more than 5 percent of the 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 announced last month that Rolet would be stepping down as its chief executive by the end of 2018.

TCI said it had met with Brydon and a senior independent director earlier this week and did not get a satisfactory answer for Rolet's departure. The fund called on Brydon to step down and start a search for a new chairman.

The fund also added that it would call for a Extraordinary General Meeting if Rolet was not retained as CEO.

LSE was not immediately available for comment, while TCI did not give any additional comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.