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Abu Dhabi, UAEWednesday 19 September 2018

After demise of LSE chief, pressure builds on chairman

TCI hedge fund still wants to remove Brydon after it accused London Stock Exchange board of forcing Rolet out on Wednesday

Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall
Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall

The hedge fund TCI has written to the board of the London Stock Exchange (LSE) Group to say it is sticking with its demand for a shareholder meeting to oust the chairman Donald Brydon, rebuffing a call by the company for it to withdraw the request.

However, the TCI founder Christopher Hohn said in a letter seen by Reuters that the fund would withdraw a special resolution asking for chief executive Xavier Rolet to remain in place till 2021, and for the company to stop a search for a new CEO.

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"The requisitioned ordinary resolution to remove Donald Brydon ... should proceed to a general meeting by no later than December 28, 2017. There is no change to our position on this," Mr Hohn wrote.

An LSE spokesman said the company did not have an immediate comment to make, when contacted by Reuter.

The move is the latest in a public tussle between the LSE and TCI over the company's handling of a planned exit of Mr Rolet by the end of 2018. TCI had accused the board of forcing Mr Rolet out and instead demanded a meeting to remove Mr Brydon.

On Wednesday, the LSE announced Mr Rolet was to step down immediately and had asked TCI to drop its call for a meeting.

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