Earlier today, Deutsche Börse AG and London Stock Exchange Group (LSEG) announced a landmark merger agreement between the two exchange venues, which culminated in the formation of the new joint entity, UK TopCo. Following the accord, the newly christened group will comprise of a revamped leadership group, with directors from both Deutsche Börse and LSEG.
Per the merger, the new personnel structure will include a total of sixteen new directors from LSEG and Deutsche Börse. More specifically, each group will nominate seven non-executive directors, paving the way for an eventual group that’s only fourteen-strong. For now however, UK TopCo’s Board will also include a total of sixteen, with one from each group eventually stepping down.
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As such, the initial composition of the UK TopCo’s Board will include the following:
- Donald Brydon – Chairman
- Joachim Faber – Deputy Chairman and Senior Independent Director
- Carsten Kengeter – Chief Executive
- David Warren – CFO (Chief Financial Officer)
- A total of six additional non-executive directors nominated by LSEG and six other non-executive directors nominated by Deutsche Börse respectively.
Furthermore, per the completion of the merger and official launch of the UK TopCo era, LSEG’s Chief Executive Officer (CEO) Xavier Rolet will relinquish his role and step down. Upon doing so, Mr. Rolet will step into a new role as an adviser to the Chairman and Deputy Chairman, where he will help assist with a successful transition into the newly formed group, likely for up to a period of one year, according to an LSEG statement.