London Stock Exchange Group appoints David Schwimmer as CEO
The appointment is effective August 1, 2018, with David Schwimmer to become a member of the Board of Directors, LSEG.
London Stock Exchange Group plc (“LSEG”) is pleased to announce today the appointment of David Schwimmer as Chief Executive Officer. He will join the Group on 1 August 2018 and will be a member of the Board of Directors, LSEG plc (“the Board”). David Warren, Interim CEO and Group CFO, will continue as Group CFO and a member of the Board.
David Schwimmer, 49, joins LSEG after a twenty year career at Goldman Sachs. Most recently, he was Global Head of Market Structure and Global Head of Metals and Mining in Investment Banking. He began his career at Goldman Sachs in the Financial Institutions Group, focusing on Market Structure, Brokerage and Trading. He also served as Chief of Staff to then President and COO, Lloyd Blankfein, and spent three years in Moscow as Co-Head of Goldman Sachs’ business for Russia/CIS.
David Schwimmer brings a strategic perspective on the drivers of growth and innovation in financial markets infrastructure. He has extensive experience leading diverse and high performing teams in dynamic markets. He also brings deep experience in capital markets, having advised blue-chip corporate clients across sectors and regions on mergers and acquisitions, initial public offerings and other transactions.
Donald Brydon, Chairman, London Stock Exchange Group, said: “I am delighted to announce David Schwimmer’s appointment after what has been a comprehensive global search conducted by the Board. David is a leader with great experience in the financial market infrastructure sector, which he has been closely involved in throughout his investment banking career, as well as capital markets experience in both developed and emerging markets. He is well known for his robust intellect and partnership approach with clients and colleagues alike.”
David Schwimmer said, “It is an honour and privilege to be asked to lead London Stock Exchange Group. It is both an iconic institution and a great business. Having worked with exchanges and other market infrastructure companies for much of the past 20 years, I have been impressed by its strong track record of partnering with customers to deliver innovative solutions. LSEG has multiple opportunities for further attractive growth across its market leading capital formation, information services and post trade businesses. I look forward to working alongside the Group’s highly capable management team to continue to deliver value for its customers, employees and shareholders.”
The CEO’s remuneration package will include:
- Annual salary of £775,000;
- Bonus opportunity of 225% of salary, pro-rated for 2018 based on joining date with mandatory deferral of 50% of bonus into shares for a three year period;
- A 2018 LTIP grant of 300% of salary, which will only vest based on performance over a three year period as assessed by the Remuneration Committee against a range of financial targets and actual TSR performance. The award will also be subject to a 2 year post-vesting holding period, resulting in a total 5 year holding period from the date of LTIP grant;
- A requirement to reach the Minimum Shareholding Requirement (“MSR”) of 300% salary, within a 5 year period of appointment
- A cash allowance of 15% of salary in lieu of pension and standard UK benefits;
- Relocation support for a fixed period, including housing allowance; and
- A one-off payment of £1,050k to be made in March 2019 to compensate for the forfeiture of cash compensation for 2018 from his previous employer. There are no other buy-outs.
The terms of the remuneration package reflect the enhancements made to LSE’s Remuneration Policy published with the 2017 Annual Report.