The London Stock Exchange Group (LSEG) announced on Tuesday that Raffaele Jerusalmi would step down from his role as group director of capital markets by the end of the year. In its statement, the exchange group said that it was in the process of looking for someone to replace Jerusalmi.

The outgoing director will remain in his current role until the LSEG is able to find someone to take his position. It’s unclear how much progress the company has made in its executive search.

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Jerusalmi, who is also the chief executive officer (CEO) of the Borsa Italiana, has been with the LSEG for almost a decade. He joined the exchange operator back in 2010 as director of capital markets, the same position he holds now.

“Over the past ten years, it has been a great privilege to lead a talented global team to contribute to the successful growth and development of the Group’s Capital Markets business,” said Jerusalmi. “We have successfully developed a strong business across our portfolio of primary and secondary markets businesses.”

Leaving capital markets but not the LSEG

Though he will be leaving his capital markets role, Jerusalmi will remain within the LSEG. That’s because Borsa Italiana, Italy’s only stock exchange, is also owned by the company. That means he will continue reporting to LSEG CEO David Schwimmer.

The Borsa Italiana CEO will also remain on the LSEG’s board as an executive director and as a member of the company’s executive committee.

“Raffi has made a tremendous contribution to the Group,” said Schwimmer. “He was instrumental in the merger between Borsa Italiana and London Stock Exchange in 2007 and has played a key role building a world class capital markets business. I look forward to continuing to work with him in the future as he continues to contribute to the Group’s success in Italy.”