Chief executive of the London Stock Exchange Group Xavier Rolet is stepping down

The boss of the London Stock Exchange Group (LSEG) has announced he will step down by the end of December 2018.

Xavier Rolet has spent nearly nine years in the role, and under Rolet the group’s market capitalisation has jumped from £800m to almost £14bn.

The board said it will now initiate the process of finding a successor.

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“I am extremely proud of all we have done together in just under a decade to turn LSEG into a truly global financial market infrastructure group,” said Rolet, who joined the group from the Lehman Brothers.

He continued:

By adhering to our core values of partnership, innovation, open access and integrity, we have shown the hugely positive contribution capitalism can make to all of society.

I would also like to thank the board and our shareholders for supporting this strategy. Establishing relevance and leadership in a consolidating global industry cannot be achieved without taking certain risks and making bold moves.

Donald Brydon, chairman of LSEG, said:

“Under [Rolet’s] leadership, LSEG has been transformed in scale to become a truly diversified and international leader in financial markets infrastructure.

“LSEG remains well positioned for the opportunities ahead and remains confident of delivering further success and value for shareholders.”

Shares in the company dipped 0.74 per cent to 3,891p at the market open.

Rolet had previously threatened to leave if a merger with Deutsche Boerse, which collapsed, went ahead.

In a separate statement, the group said total income for the quarter to the end of September, rose 17 per cent to £486m while revenue increased 18 per cent to £443m in the third quarter due to strong growth in its clearing and FTSE Russell businesses.

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