Reuters Reports Activist TCI Calls On LSEG Chairman To Step Down, Says Xavier Rolet Being Forced Out

According to a report on the Reuters newswire, UK activist investor TCI Fund Management has called on London Stock Exchange Group’s Chairman Donald Brydon to step down, saying that Chief Executive Xavier Rolet was being forced out of the company.

TCI which owns more than 5 percent of the exchange, said in a letter reviewed by Reuters that it wanted Rolet’s contract to be extended to 2021 and asked the company to suspend the search for a new CEO immediately.

The fund said that it would call for a Extraordinary General Meeting if Rolet was not retained as CEO.

Those of us with long memories will recall that Deutsche Boerse's then CEO, Werner Seifert, resigned his position in May 2005, after pressure from TCI. TCI, which then owned about 8 percent of Deutsche Boerse, led a successful revolt against its attempt to buy the London Stock Exchange.