Press releases 2000

15 September 2000

Chief Executive to step down

The Board of London Stock Exchange plc (LSE) today accepted the resignation of Gavin Casey who has been chief executive of the LSE since 1996. He will relinquish his executive duties with effect from today.

As chief executive, Gavin has been instrumental in strengthening and modernising the LSE, most notably:-

• the loss making situation he inherited has been turned into a strong financial position with pre tax profits for the year to 31 March 2000 exceeding 48m;
• new products and services have been introduced helping to keep the London equity market as the most international in the world; and
• the difficult transition from mutual status to a commercial, for-profit, company has been achieved.

Don Cruickshank, Chairman of the LSE, speaking on behalf of the Board said:

"Shareholders of the LSE and all our customers owe a lot to Gavin. Everything I was able to say at yesterday's AGM about the strength of the company is due in some significant part to his energy and commitment. That is to his great credit. We wish him well for the future".

Gavin Casey's letter of resignation to Don Cruickshank reads as follows:-

"I confirm in this letter the point of the conversation we had this morning. I have decided that it is absolutely right that I should resign as chief executive of the company and this I now do, to take effect today.

"London Stock Exchange is a fine business and I have been proud to be associated with it and with a number of its greater achievements including, most importantly, demutualisation. A truly demutualised stock exchange, which has taken far longer to emerge than I, personally, had ever hoped is fundamental to the company's future prosperity.

"As you move in this direction I wish you, and those at the Exchange with whom I have very much enjoyed working, all the best for the future."

The Board of the LSE stated that the company has initiated the search for a new chief executive. In the meantime, Don Cruickshank will assume executive responsibility, supported by Martin Wheatley, Director of Business Development and Jonathan Howell, Director of Finance.