{"id":25371,"date":"2017-12-04T13:14:14","date_gmt":"2017-12-04T13:14:14","guid":{"rendered":"http:\/\/www.bnreport.com\/tci-sets-out-reasons-to-oust-the-london-stock-exchanges-chairman\/"},"modified":"2017-12-04T13:14:18","modified_gmt":"2017-12-04T13:14:18","slug":"tci-sets-out-reasons-to-oust-the-london-stock-exchanges-chairman","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tci-sets-out-reasons-to-oust-the-london-stock-exchanges-chairman\/","title":{"rendered":"TCI sets out reasons to oust the London Stock Exchange’s chairman"},"content":{"rendered":"

Activist hedge fund TCI, which last week forced the London Stock Exchange (LSE) to call a shareholder meeting, has set out its reasons for wanting to oust the bourse's chairman.<\/p>\n

In a presentation to be aired at the shareholder meeting on 19 December, TCI will allege that chairman Donald Brydon \u201chas run a poor process with regards to CEO succession and shareholder engagement\u201d, after the LSE's chief executive Xavier Rolet stepped down last week<\/a>.<\/p>\n

Read more: <\/strong>London Stock Exchange row continues: Activist hedge fund TCI refuses to withdraw request to oust chairman Brydon<\/a><\/p>\n

TCI, which believes that Rolet's departure was catalysed by Brydon, said that the chairman \u201chas a long track record of dismissing CEOs\u201d and that \u201cshareholders have lost faith in Donald Brydon\u201d.<\/p>\n

It added that the LSE \u201cdismissed a world class CEO without providing any good reasons\u201d, and that \u201cit will be difficult to find a new world class CEO to serve under Donald Brydon\u201d.<\/p>\n

Read more: <\/strong>Board of the London Stock Exchange accuses activist fund of sabotaging Rolet's succession<\/a><\/p>\n

TCI, which is headed by Sir Christopher Hohn, referenced a statement from Rolet saying he had stepped down \u201cat the request of the board\u201d and accused the LSE of using confidentiality provisions to avoid telling shareholders<\/a> the full details.<\/p>\n

With regards to Brydon's history of ousting chief executives, TCI refers to five incidents stretching back to 1996. The first was at the LSE itself, as Brydon was a board member when chief executive Michael Lawrence was fired, but also cover his time at Allied Domecq, Scottish Power<\/a>, Smith's and Sage.<\/p>\n

TCI was keen to emphasise the LSE's outperformance under Rolet's reign, noting there had been a stock price return of 356 per cent over the last five years.<\/p>\n

Read more: <\/strong>Xavier Rolet's replacement at the London Stock Exchange: Runners and riders<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

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Activist hedge fund TCI, which last week forced the London S..<\/p>\n","protected":false},"author":1,"featured_media":25372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-25371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nTCI sets out reasons to oust the London Stock Exchange's chairman - Business News Report<\/title>\n<meta name=\"description\" content=\"Activist hedge fund TCI, which last week forced the London S..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/tci-sets-out-reasons-to-oust-the-london-stock-exchanges-chairman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCI sets out reasons to oust the London Stock Exchange's chairman - 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