November 21, 2017 / 4:56 PM / a year ago

TCI calls on regulators to intervene in London Stock Exchange CEO spat

LONDON, Nov 21 (Reuters) - The Bank of England and Britain’s markets watchdog should step in to appoint a new chairman at the London Stock Exchange, Christopher Hohn, founder of activist hedge fund TCI said on Tuesday.

Hohn has forced the London bourse to hold a shareholder meeting to vote on TCI’s resolution to oust LSE Chairman Donald Brydon over the way he handled the departure of CEO Xavier Rolet, planned for next year.

Hohn said in a letter to Brydon on Tuesday that it “appears” that Rolet is being “improperly threatened” by the exchange’s board with severe reputational damage unless he immediately steps down as CEO, or confirms he does not want to remain as CEO.

“It seems to us that the Bank of England and the Financial Conduct Authority (FCA) both need to immediately intervene to instruct the Board to appoint a new Chairman who should be tasked with solving this corporate governance crisis,” Hohn said in his letter.

The LSE, Bank of England and FCA had no immediate comment. (Reporting by Huw Jones; Editing by Adrian Croft)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below