Mon, 15 Oct 2018

David Schwimmer named new London Stock Exchange boss

By Sheetal Sukhija, Edinburgh News
13 Apr 2018, 23:39 GMT+10

LONDON, U.K. - David Schwimmer is set to replace Xavier Rolet as the new chief executive at the London Stock Exchange.

Rolet was asked to leave a year earlier than planned, in November last year amid reports that suggested that some staff disliked his management style.

Under Rolet's leadership, the company's value went from 800 million pounds to nearly 14 billion pounds.

Subsequently, the stock exchange announced that Donald Brydon, its chairman, who had faced a shareholder vote on the decision to remove Rolet from the board, would step down in 2019.

Making the announcement on Friday, Brydon said he was "delighted" to announce Schwimmer's appointment after "a comprehensive global search.”

He said, “David is a leader with great experience in the financial market infrastructure sector, which he has been closely involved in throughout his investment banking career, as well as capital markets experience in both developed and emerging markets. He is well known for his robust intellect and partnership approach with clients and colleagues alike.”

49-year-old Schwimmer, who has spent 20 years at Goldman Sachs, is currently the global head of market structure and global head of metals and mining at the investment bank.

Schwimmer will take up the post on August 1 and the stock exchange described him as "a leader with great experience.”

Commenting on the new appointment, Michael Hewson, chief market analyst at CMC Markets said, “It seems an odd choice to go for an investment banker with little experience in equities, though at least he and [Mr] Rolet have both worked for Goldman Sachs. I'm sure he will be a good appointment, given his experience at Goldman Sachs, but why he won't be joining until 1 August also seems rather odd."

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