London Stock Exchange Group finance chief to retire

The head of finance at the London Stock Exchange Group has announced that he will retire once the planned 27 billion US dollar (£20.9 billion) takeover of data group Refinitiv is complete.

David Warren, who joined from US tech stock exchange Nasdaq in 2012, will stand down next year and the board has begun a search for his successor.

The decision comes as the LSE said income for the three months to September 30 rose 10% to £587 million, including a 22% jump at its clearing house business LCH.

Over the nine months to the end of September, total income was up 7% at £1.7 billion, the company added.

There was no mention in the update about the recent failed attempt by its rival, the Hong Kong Exchanges and Clearing (HKEX) group, to launch a hostile bid for the LSE.

Mr Warren said: “It has been a privilege to serve as CFO for more than seven years. I have seen a huge transformation in the group over this time to become the international financial markets infrastructure business it is today.

“I look forward to actively contributing to the next phase of the group’s future success as we continue to progress the execution of the Refinitiv transaction through to close.”

Chairman Don Robert said: “There will be time next year for the board to express its gratitude to David for his significant contribution and commitment to our group during his tenure, both as CFO and as interim CEO.

“David has played a key role in the successful growth, diversification and global expansion of our business over the last seven years.”

Prior to Friday’s announcement, the LSE had been fighting off a £32 billion bid from its Hong Kong rival.

HKEX eventually said it would not be making a firm offer after failing to win over the LSE board and amid reports that major shareholders were also unconvinced.

The decision to pull the approach came less than a month after HKEX launched its surprise and unsolicited tilt for the LSE, in a move which had threatened to disrupt its London rival’s planned deal to buy data provider Refinitiv.