London Stock Exchange Group names new chief


London Stock Exchange Group Plc has appointed David Schwimmer as its new chief executive officer.

Mr Schwimmer will begin his new role on 1 August, after his predecessor Xavier Rolet stepped down last year.

The 49-year-old has been with Goldman Sachs for 20 years, most recently as global head of market structure and global head of metals and mining in investment banking.

Donald Brydon, chairman of the London Stock Exchange Group, said the appointment had been made after a “comprehensive global search”.

He added: “David is a leader with great experience in the financial market infrastructure sector, which he has been closely involved in throughout his investment banking career, as well as capital markets experience in both developed and emerging markets.

“He is well known for his robust intellect and partnership approach with clients and colleagues alike.”

Donald Brydon (r) pictured with Xavier Rolet at the LSE in 2015. Pic: Royal Mail
Image: Xavier Rolet and Donald Brydon in 2015. Pic: Royal Mail

Mr Schwimmer, who was educated in the US, will earn a range of benefits including an annual salary of £775,000.

The package also includes a long-term incentive plan grant of 300% of salary in 2018, which the LSEG said will “only vest based on performance over a three year period” on a range of financial targets.

Mr Schwimmer said it was an “honour and a privilege” to be given the top job, describing the LSEG as “both an iconic institution and a great business”.

He added: “Having worked with exchanges and other market infrastructure companies for much of the past 20 years, I have been impressed by its strong track record of partnering with customers to deliver innovative solutions.

“LSEG has multiple opportunities for further attractive growth across its market leading capital formation, information services and post trade businesses.

“I look forward to working alongside the Group’s highly capable management team to continue to deliver value for its customers, employees and shareholders.”

Mr Schwimmer began his career at Goldman Sachs in the Financial Institutions Group, focusing on market structure, brokerage and trading.

He was also chief of staff to then President and COO, Lloyd Blankfein, and spent three years in Moscow as co-head of Goldman Sachs’ business for Russia/CIS.

Mr Schwimmer’s predecessor Mr Rolet had held the job for more than eight years, during which the LSEG saw its stock market value go from £800m to nearly £14bn.

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Mr Rolet’s time in the post was marred, however, by a £21bn tie-up bid with German rival Deutsche Borse, which failed after it was blocked by the European Commission in March.

David Warren, who has been standing in as interim chief executive, will stay on as the company’s finance chief.

From – SkyNews


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