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UK Sparks: New Broom At London Stock Exchange

Published 04/13/2018, 06:31 AM
Updated 07/09/2023, 06:31 AM

London Stock Exchange has announced that David Schwimmer, a 20-year veteran of Goldman Sachs (NYSE:GS), is to succeed Xavier Rolet at chief executive.

He will join at the beginning of August. David Warren, the company’s chief financial officer who has been acting interim chief executive, will continue in the finance role.

Mr Schwimmer, 49, will be paid a £775,000 salary, a £1.05m one-off payment to compensate him for loss of income from Goldman and a long-term incentive plan grant representing 300% of his salary.

He says he sees “multiple opportunities for further attractive growth” across the company’s “market-leading capital formation, information services and post-trade businesses.”

Mr Rolet left last year, after a controversy over whether chairman Donald Brydon was trying to force him out, with 5% shareholder Sir Chris Hohn’s Children’s Investment Fund, mounting a campaign to oust Mr Brydon as a result.

More clarity also for shopping centres group Hammerson as its French hostile suitor Klepierre has announced that it will not be bidding for the company.

Klepierre made two bid approaches, at 615p and 635p a share, valuing Hammerson at about £5bn.

However, the British company, which is planning to merge with domestic rival Intu Properties, rejected both approaches.

Accountancy software business Sage Group (LON:SGE) has reduced its guidance for full-year organic revenue growth from 8% to 7% after seeing it fall from 7.4% to 6.3% in the first half.

It’s software subscriptions grew by 25.3% in the half-year, down from 30.6% growth in the same period of last year.

Rolls-Royce (LON:RR) is to inspect and test more Trent 1000 aero-engines in service with customers.

The company, which announced last month that it expected costs of about £300m from Trent 1000 repairs, says extra work has now been identified.

It says there will be “reprioritising” of spending and it still expects to reach its 2018 free cashflow target of around £450m.

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