The London Stock Exchange Group has named Don Robert as its new chairman to replace Donald Brydon, who is stepping down after a dispute with shareholders over its former chief executive.
Mr Robert, currently the chairman of Experian, will initially join the LSE as a non-executive director and will become chairman after its annual meeting in May. He will also step down from the Court of the Bank of England when he assumes the chairman role.
Mr Brydon had agreed a year ago to step down in 2019 following criticism by some shareholders over his handling of the departure of former boss Xavier Rolet, the architect of the 216-year old exchange’s revival.
Paul Heiden, senior independent director, said the LSE had undertaken a global search to identify a successor. “Don brings a strong track record in the global financial services sector and a deep understanding of technology, data and analytics that will greatly benefit our business as we continue to adapt to regulatory and technological change.”
Earlier on Friday the LSE also confirmed it had increase its control over LCH, the clearing house at the centre of fears over financial stability if Britain crashes out of the European Union without a deal.
The LSE raised its shareholding in LCH by 14.6 per cent to 82.6 per cent after several shareholders sold down their stakes for a total €424.5m (£382.1m). Sellers included Borsa Istanbul, CFT & Viel & Cie, Commerzbank, Deutsche Bank, Nasdaq and Nomura.
UK authorities have urged the EU to set out its plans for European banks to access LCH after the UK exits the EU, to avoid potentially destabilizing the market. The EU is likely to unveil its formal plans to issue temporary licences next week.