LONDON Stock Exchange chief executive Xavier Rolet continued his drive to shake up the business by axing the firm’s entire marketing department, City A.M. learned yesterday.
Rolet last year chopped down the exchange’s brand management team by half, as part of a wide-ranging efficiency crackdown during which he also axed the LSE’s long-standing M&A and public relations advisers and struck a deal to replace its IT provider.
He has now ratcheted up the campaign a step further by letting go his corporate communications director John Wallace and making the remainder of the marketing team redundant.
Their responsibilities are to be swallowed up by each individual team within the exchange, who will now be forced to promote their own operations in addition to their day-to-day responsibilities.
Since he took the helm last year from Dame Clara Furse, Rolet has been adamant about the need for the sprawling, 312-year-old bourse to become leaner, quicker and more efficient in order to compete with newer rivals, which have proliferated in recent years.