London Stock Exchange row continues: Activist hedge fund TCI refuses to withdraw request to oust chairman Brydon

Lucy White
New chief executive of the London Stock
Xavier Rolet quit with immediate effect yesterday (Source: Getty)

The row between the board of the London Stock Exchange (LSE) and activist hedge fund TCI has continued today, as TCI refused to quit a battle that has seen chief executive Xavier Rolet step down with immediate effect.

The fund, headed by Sir Christopher Hohn, said it would not withdraw its request for a vote on whether to oust chairman Donald Brydon. However it did agree to drop its request to reinstate Rolet, who quit yesterday saying that he would not return to the role "under any circumstances".

TCI's refusal to withdraw its request means that the LSE will have to call a shareholder meeting, which TCI says must take place before 28 December.

Read more: Board of the London Stock Exchange accuses activist fund of sabotaging Rolet's succession

The argument between TCI and the LSE kicked off when Rolet announced in October that he would leave his position next year. TCI, an investor in the LSE, was not satisfied that this was entirely Rolet's choice and instead blamed Brydon for forcing the successful chief executive's departure.

The hedge fund called a shareholder meeting to vote on whether Rolet should be returned to his role, and whether Brydon should be ejected.

But Rolet quit with immediate effect as pressure mounted on him to stick to the agreed succession plan, saying the campaign had bought "unwelcome publicity".

The LSE is currently actively hunting for a new head.

Read more: Xavier Rolet's replacement at the London Stock Exchange: Runners and riders

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