The boss of the London Stock Exchange Group (LSEG) has announced he will step down by the end of December 2018.
Xavier Rolet has spent nearly nine years in the role. The board said it will now initiate the process of finding a successor.
"I am extremely proud of all we have done together in just under a decade to turn LSEG into a truly global financial market infrastructure group," said Rolet, who joined the group from Lehman Brothers.
By adhering to our core values of partnership, innovation, open access and integrity, we have shown the hugely positive contribution capitalism can make to all of society.
I would also like to thank the board and our shareholders for supporting this strategy. Establishing relevance and leadership in a consolidating global industry cannot be achieved without taking certain risks and making bold moves.
Donald Brydon, chairman of LSEG, said: "Under [Rolet's] leadership, LSEG has been transformed in scale to become a truly diversified and international leader in financial markets infrastructure.
"LSEG remains well positioned for the opportunities ahead and remains confident of delivering further success and value for shareholders."
Almost a decade ago, with a market capitalisation of just £800m and a share price of around 500p, the London Stock Exchange (LSE) was locked in a period of inertia. Enter Rolet.
Rolet, who took up the reins of the LSE in 2009, swiftly became a popular figure in the City, and he was a transformational force for the LSE, helping the bourse rocket to a market cap to £14bn with stock worth 3,875p.
With decades of experience in finance at the likes of the Lehman Brothers and Goldman Sachs, Rolet revamped the LSE’s strategy to focus on areas outside of equities trading.
“Xavier Rolet restored the LSE’S pride, respect and global influence,” said David Buik, a market commentator at Panmure Gordon.
“He was a colossus as a leader with his investment banking background, providing real impetus in developing this exchange. There have been more international IPOs, much better technology and greater attention paid to the Aim.”
Catherine McGuinness, policy chair of the City of London Corporation, called Rolet a “true champion” for the city of London.
In recent years, Rolet has gained notoriety for campaigning to bring the Saudi Aramco mega-float to London, attempting a huge merger with Deutsche Boerse that was ultimately blocked by the European Commission and staunchly defending London’s lucrative euro clearing market during Brexit talks.
“He has been a frank voice explaining some of the technical risks and pitfalls facing us as a result of Brexit,” McGuinness added.
“There is no doubt his hard work and leadership has ensured that London remains the global destination for raising capital and listings.”