End of the line for LSE chief

After unprecedented intervention from Mark Carney...

A BATTLE to keep the london Stock Exchange boss in his job looks doomed after an intervention by Mark carney was branded the chief executive’s ‘death warrant’.

The bank of England governor said he could not see Xavier Rolet staying on, dealing a blow to a campaign waged by billionaire investor Sir chris Hohn to prevent the Frenchman’s departure.

Hohn, who owns 5pc of the LSE, believes chairman Donald brydon has pressured 58year-old Rolet (pictured) to announce that he is leaving after nine years in the post.

The hedge-fund manager has demanded a shareholder vote that could see Rolet reinstated and brydon sacked.

Yesterday carney said: ‘Xavier Rolet has made an extraordinary contribution as head of the LSE over the last nine years. but everything comes to an end.

‘We can’t envisage a situation where a chief executive stays beyond the agreed period.’

it is disappointing for Hohn because days ago he was urging the bank to side with him.

David buik of stockbroker Panmure Gordon said: ‘it strikes me that Mark carney has signed Rolet’s death warrant. if the governor says there’s no circumstances in which someone can be reinstated, then that’s the end of the matter.’

laith Khalaf of Hargreaves lansdown said that although carney used diplomatic language, his intervention was almost unprecedented.

in October, Rolet announced his plans to quit next year but refused to be drawn on his future and has since kept a low profile. Rumours have emerged of a rift between him and brydon, and Rolet is thought to have been gagged by the board to prevent him discussing his departure.

Rolet has presided over a surge in the value of the LSE from £800m when he joined in 2009 to £13.1bn today, but is seen by some as imperious and unwilling to tolerate differences of opinion.

Hohn has forced the LSE to hold an extraordinary shareholder meeting before the end of the year. investors will vote on whether Rolet should keep his job and brydon should be made to leave.

Hohn’s business, The children’s investment Fund, is thought to be considering its next move and declined to comment, as did the LSE.