After almost a decade as chief executive, Xavier Rolet has announced plans to step down from the London Stock Exchange (LON:LSE) by next December.
Since starting the role in 2009, Rolet has transformed the business and helped increase market capitalisation from £800 million to £14 billion today.
In a statement, the London Stock Exchange said they would be swift in finding a suitable replacement, who will work closely with Rolet in order to ensure a smooth transition.
“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.
“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,”
Shareholders and London Stock Exchange staff were disappointed by the news. Donald Brydon, chairman of London Stock Exchange Group praised Rolet’s work and said the group had been “transformed in scale to become a truly diversified and international leader in financial markets infrastructure”.
Leaving just three months prior to the UK’s departure from the EU, his successor will have to work in the new and uncertain framework of Brexit.
Rolet is a vocal critic of the UK’s departure and writing in The Daily Telegraph last week, said that Brexit could trigger the next financial crisis if states such as France and Germany try to take London’s status as a centre of the global economy.
He also warned that leaving the EU could cost the City of London up to 230,000 jobs.
“Clearly myself and other shareholders are disappointed with the news that Xavier Rolet will be stepping down as CEO of the London Stock Exchange Group,” said Trevor Green, head of UK equities at Aviva Investors.
“I have been an investor for the whole of Xavier Rolet’s tenure and he created huge shareholder value during that time, turning it from a predominately cash equity business to a world leading stock exchange,”
Shares in the London Stock Exchange dropped shortly after the announcement.