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You can find the current article at its original source at https://www.theguardian.com/business/2017/nov/30/lse-chair-faces-new-call-to-quit-as-boardroom-row-refuses-to-fade
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| Version 3 | Version 4 |
|---|---|
| LSE forced to explain reasons after chief executive Xavier Rolet leaves | LSE forced to explain reasons after chief executive Xavier Rolet leaves |
| (about 1 month later) | |
| The London Stock Exchange has been forced to set out the rationale for the departure of chief executive, Xavier Rolet, citing his “operating style” and questions from shareholders about how long he intended to stay. | The London Stock Exchange has been forced to set out the rationale for the departure of chief executive, Xavier Rolet, citing his “operating style” and questions from shareholders about how long he intended to stay. |
| The exchange provided the explanation in a 20-page circular setting the date for the shareholders’ meeting demanded by an activist investor which wants to oust the company’s chairmanover his handling of Rolet’s departure. | The exchange provided the explanation in a 20-page circular setting the date for the shareholders’ meeting demanded by an activist investor which wants to oust the company’s chairmanover his handling of Rolet’s departure. |
| In one of the highest-profile boardroom battles in recent years, Sir Chris Hohn’s TCI fund management group has demanded the shareholder vote – which will take place on 19 December – to remove Donald Brydon, the City veteran who has chaired the exchange since 2015. | In one of the highest-profile boardroom battles in recent years, Sir Chris Hohn’s TCI fund management group has demanded the shareholder vote – which will take place on 19 December – to remove Donald Brydon, the City veteran who has chaired the exchange since 2015. |
| TCI, the Children’s Investment Fund Management, had been fighting against Rolet’s departure but on Thursday dropped this following the LSE’s announcement that the chief executive would leave immediately – a year earlier than planned. | TCI, the Children’s Investment Fund Management, had been fighting against Rolet’s departure but on Thursday dropped this following the LSE’s announcement that the chief executive would leave immediately – a year earlier than planned. |
| The LSE circular urges shareholders to support Brydon and says the non-executive directors unanimously agreed in October that an “amicable and smooth” succession plan for Rolet be put in place. | The LSE circular urges shareholders to support Brydon and says the non-executive directors unanimously agreed in October that an “amicable and smooth” succession plan for Rolet be put in place. |
| It said shareholders had been asking how long Rolet intended to stay – he would been chief executive for 10 years by the end of 2018 – after he offered to step aside if the merger of the LSE with its German rival, Deutsche Börse, had taken place. That alliance was blocked by the European commission in March. | It said shareholders had been asking how long Rolet intended to stay – he would been chief executive for 10 years by the end of 2018 – after he offered to step aside if the merger of the LSE with its German rival, Deutsche Börse, had taken place. That alliance was blocked by the European commission in March. |
| The exchange added that “aspects of Xavier Rolet’s operating style were also important factors” considered by the board when putting in place a succession plan. It did not elaborate. | The exchange added that “aspects of Xavier Rolet’s operating style were also important factors” considered by the board when putting in place a succession plan. It did not elaborate. |
| TCI had originally called for Rolet to stay until 2021 although the circular reveals that there was uncertainty about whether he was willing to, which had “negatively impacted” the relationship between him and the board. | TCI had originally called for Rolet to stay until 2021 although the circular reveals that there was uncertainty about whether he was willing to, which had “negatively impacted” the relationship between him and the board. |
| The LSE had been urging TCI to rethink its call for a shareholder meeting after bringing forward Rolet’s departure date and announcing that Brydon would not stand for re-election at the 2019 AGM. | The LSE had been urging TCI to rethink its call for a shareholder meeting after bringing forward Rolet’s departure date and announcing that Brydon would not stand for re-election at the 2019 AGM. |
| The row prompted the intervention of Bank of England governor, Mark Carney, whose remarks appear to have accelerated Rolet’s departure. Rolet could not be reached for comment. | The row prompted the intervention of Bank of England governor, Mark Carney, whose remarks appear to have accelerated Rolet’s departure. Rolet could not be reached for comment. |
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