November 30, 2017 / 12:32 PM / a year ago

TCI to still seek ouster of LSE chairman at shareholder meet

Nov 30 (Reuters) - Hedge fund TCI has written to the board of the London Stock Exchange Group to say it is sticking with its demand for a shareholder meeting to oust Chairman Donald Brydon, rebuffing a call by the company for it to withdraw the request.

However 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.

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

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

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

On Wednesday, the LSE announced Rolet was to step down immediately and had asked TCI to drop its call for a meeting. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Simon Jessop)

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