LSE chairman wins battle against activist attempt to oust him

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At an extraordinary general meeting today, the chairman of the London Stock Exchange (LSE) Donald Brydon has won the backing of majority of shareholders, and has defeated an attempt by activist investor Sir Chris Hohn to remove him as the chairman following a bitter public row over the departure of ex-chief executive Xavier Rolet.

The meeting voted on a resolution brought by TCI’s founder Christopher Hohn to oust Brydon for the way he handled the departure of former CEO. Despite today’s vote, TCI Fund Management will continue to fight to remove Brydon, a source close to the hedge fund firm told Reuters.

Some 79 per cent of votes cast by LSE shareholders backed Donald Brydon to remain as chairman, against 21 per cent who voted against, according to results issued after an extraordinary meeting at a Southwark hotel.

Brydon thanked shareholders for the support in the vote: “The board would like to thank shareholders for their support today.The board and I welcome the stability that this gives the group.”

“The recruitment process for a new CEO is under way and we will update our shareholders in due course,” he said, referring to the search for a replace for a replacement for former chief executive Xavier Rolet, who stepped down last month.”

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