London Stock Exchange’s CEO quits job under duress

Chris Hohn, a top investor at LSE, has in a letter to LSE’s chairman, Donald Brydon, demanded that Xavier Rolet be allowed to speak publicly on the reasons for his departure.

On Wednesday, Chris Hohn, a top investor in the London Stock Exchange who is also the founder of The Children’s Investment Fund, demanded that LSE’s chief executive, Xavier Rolet, be allowed to speak publicly on the reasons for his departure.

In a letter to LSE’s chairman Donald Brydon, Hohn reiterated his belief that Rolet was essentially being forced out against his wishes and repeated his threat to call for a vote on removing Brydon if the company failed to act.

Hohn had called on Brydon to waive a confidentiality agreement which TCI, the fourth biggest investor in LSE, said had been signed by Rolet covering the reasons behind his departure.

The LSE declined to comment.

“Confidentiality agreements which prohibit proper explanations to shareholders are bad corporate governance. Hence we refute your assertion that you followed proper governance procedures on succession planning,” wrote Hohn.

“We ask you to waive immediately all confidentiality agreements on Xavier Rolet so that shareholders can now hear the truth and make informed judgments on the expected EGM [Extraordinary General Meeting] regarding your continued chairmanship and the retention of Xavier Rolet as CEO,” reads Hohn’s letter.

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