Wednesday, 29 November 2017

Stock exchange boss Xavier Rolet leaves with up to £12.6m amid boardroom row

The chief executive of the London Stock Exchange, Xavier Rolet, is in line for payments up to £12.6m, as he leaves the company amid a bruising boardroom row.

The stock exchange said Mr Rolet had "agreed to step down with immediate effect" at the board's request.

Mr Rolet was due to leave next year, but one of the firm's biggest shareholders claimed he was forced out.

Bank of England Governor Mark Carney said on Wednesday the situation needed to be cleared up as soon as possible.

The departing chief executive will be paid his salary of £800,000 for 12 months of gardening leave, and a potential bonus worth £1.6m.
Mr Rolet, who led the LSE for over eight years, also has a number of long-term incentives under which he could theoretically earn £10.2m.

The move seeks to draw a line under a bitter dispute over who should run one of the the UK's most important financial companies.

It has also been announced that the stock exchange's chairman, Donald Brydon, who faced a shareholder vote on whether to remove him from the board, will step down in 2019.

BBC       News.