December 19, 2017 / 3:19 PM / a year ago

TCI says many large shareholders want to find new chairman immediately - letter

LONDON (Reuters) - Investor TCI Fund Management says many large shareholders in London Stock Exchange (LSE.L) who voted against a resolution to oust chairman Donald Brydon have asked the board to find a new chairman immediately.

LSE shareholders voted by 79.07 to 20.93 percent at an extraordinary general meeting on Tuesday against the resolution to ditch Donald Brydon over the way he handled the departure of former chief executive Xavier Rolet in November.

But TCI founder Christopher Hohn said in a letter sent to the board on Tuesday that the result of the vote amounted to a serious rebuke of the board by shareholders.

TCI also said that LSE was required to publish the impact of the vote on board decisions no later than at the 2018 general meeting.

The fund manager also said it was ‘imperative’ that a search for a new chairman be started by the LSE board immediately.

Reporting by Maiya Keidan; Editing by Greg Mahlich

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