Exchange group reveals new boss

London Stock Exchange Group has appointed Goldman Sachs veteran David Schwimmer as its new chief executive.

Mr Schwimmer, 49, will join the LSE on August 1 and will replace the long-standing Xavier Rolet, who left the firm last year in controversial circumstances.

David Warren, who has been standing in as interim chief executive, will stay on as the company’s finance chief.

Most recently, Mr Schwimmer was global head of market structure and metals and mining at Goldman Sachs’ investment banking arm.

His career at the US titan spans 20 years and includes a stint as chief of staff to Lloyd Blankfein, the bank’s boss. He will join on an annual salary of £775,000 with a bonus opportunity of 225% of that figure, pro-rated for 2018 based on joining date.

The package also includes a long-term incentive plan grant of 300% of salary in 2018, which the LSE said will “only vest based on performance over a three-year period” based on a range of targets. Mr Schwimmer will bank a one-off payment of £1million to be made in March 2019 to compensate for the “forfeiture of cash compensation for 2018 from his previous employer”.

His appointment comes after a tumultuous period for the exchange operator, with chairman Donald Brydon surviving a shareholder attempt to oust him in December over the decision to remove Mr Rolet.