(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.