News Column

London Stock Exchange chair to leave group after 12 years

July 17, 2014

MICHAEL BOW



LONDON Stock Exchange chairman Chris Gibson-Smith yesterday unveiled plans to step down from the group after 12 years at the helm.


Gibson-Smith told the group's annual meeting he would depart by the end of 2015. A search is now on for his successor.


The announcement came as the group unveiled strong results bolstered by the string of firms listing on the exchange.


The exchange provider, led by chief executive Xavier Rolet, has had the highest number of initial public offerings in London since 2007 so far this year.


A total of 33 new issues listed on the main market for the quarter ending June versus just 12 in the same quarter last year.


Overall revenues for the business overall rose by 20 per cent to 299.9m from 249.7m.


Capital market revenues, which included the boost from flotations, rose 16 per cent to 87m from 75m.


The London Stock Exchange made its biggest ever acquisition last month, after agreeing to take over US index provider Russell Investments for 1.6bn.


The group said yesterday it would post a circular to shareholders on a jumbo 942m rights issue to fund the deal in late August. The annual meeting yesterday approved all measures at the group.


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Source: City A.M. (UK)


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