Former Chair of KPMG UK Heads Up LSE Probe into Boardroom Showdown

    Photo via KPMG

    An independent review of the boardroom crisis last year at the London Stock Exchange Group is underway, and it is led by a City heavyweight.

    According to Sky News, the LSE has assigned the former UK chairman of KPMG, Simon Collins, to lead the said probe.

    Donald Brydon, the LSE chair, has written to its 20 largest shareholders to notify them regarding the review into a crisis which resulted to the ousting of Xavier Rolet, the chief executive, late last year.

    One investor informed Sky News that Collins had access to the documents and on major players in the drama, including Rolet. The review is assumed to have been ongoing for several weeks already.

    In a few weeks, Collins is anticipated to present a report to the group.

    The retirement of Rolet was revealed in autumn last year, which came as a shock to many in the City.

    The said move urged claims that he was being pushed out by Brydon. The board of the FTSE 100 company then beat off a bid by investor Sir Chris Hohn to oust Brydon.

    A successor for Rolet is yet to be named. However, the LSE said during its last results that it was producing “good progress” on its recruitment with a “strong field of high-quality candidates.”

    Some shareholders say that they have been informed that the LSE has ruled out appointing an internal successor.