Rolet quits as London Stock Exchange boss after 9 years, 1 takeover row and £13bn growth
The London Stock Exchange’s boss is leaving after his mega-merger plans were wrecked by an insider trading probe, stubborn Brussels regulators and greedy German politicians.
Xavier Rolet championed a £21billion takeover of LSE by Frankfurt-based rival Deutsche Boerse – ignoring British critics who warned the deal was against the national interest.
LSE eventually pulled out after refusing demands from Brussels competition authorities to sell a key business in Italy.
Xavier Rolet, pictured with his wife Nicole at their Chene Bleu vineyard in southern France, is stepping down as boss of the London Stock Exchange
Frenchman Rolet, 57, who owns 74 acres of vineyards in Provence, has announced he will leave next year after a successor has been found.
The boss has run LSE for eight years and is popular with shareholders, boosting its value from £800million when he took over to nearly £14billion.
But the collapse of the Deutsche deal is likely to cast a shadow over his reign.
When the takeover plans were announced in March last year, analysts gave them a high chance of success and a slick lobbying operation was launched to counter sceptics.
But the mood changed dramatically after the Brexit vote, as German politicians demanded the merged firm shift its headquarters to Frankfurt amid a clamour to steal business from the City.
Regional prosecutors then launched an insider trading probe into Deutsche’s boss Carsten Kengeter, over 60,000 shares worth £4.9million which he bought days before the merger was made public.
Kengeter denies any wrongdoing and the investigation is continuing. LSE pulled the plug in March, citing unacceptable demands from the European Commission to sell a trading platform in Italy.
LSE insiders said that Rolet’s departure was announced early so that the board has time to consider a successor.
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