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Abu Dhabi, UAEFriday 22 June 2018

Ex-Goldman Sachs chief David Schwimmer to lead London Stock Exchange

Former LSE chief executive Xavier Rolet left abruptly last year after a public spat with shareholders

People walk past the London Stock Exchange Group offices in the City of London. The LSE's months-long search for a CEO has ended with the hire of David Schwimmer from Goldman Sachs. REUTERS/Toby Melville/File Photo
People walk past the London Stock Exchange Group offices in the City of London. The LSE's months-long search for a CEO has ended with the hire of David Schwimmer from Goldman Sachs. REUTERS/Toby Melville/File Photo

London Stock Exchange Group has hired Goldman Sachs Group's David Schwimmer to run the 217-year-old bourse, ending a months-long search.

He will join the group on August 1 after a 20-year career at Goldman Sachs, the exchange said in a statement on Friday. He takes up one of the most high-profile jobs in the City of London. Mr Schwimmer replaces interim chief executive David Warren, who will retain his role as chief financial officer.

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The appointment ends a months-long search for the LSE after Xavier Rolet abruptly left last year following an ignominious public spat between activist shareholder TCI Fund Management and LSE’s board.

Schwimmer has big boots to fill after Rolet, who became chief executive in May 2009, led an almost sixfold rise in the stock price and made LSE the world’s largest clearinghouse. Clearing has become a political battleground in the wake of the UK’s Brexit decision and one of the first tasks for the new chief will be to defend LSE’s clearing business as rivals like Deutsche Boerse attempt to arrest its dominant position.