London Stock Exchange Group appoints David Schwimmer as CEO

Maria Nikolova

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.

  • Read this next

    Retail FX, Uncategorized

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    Executive Moves

    GCEX appoints Ignacio Corral and Helen Man to UK operation

    GCEX has announced the appointment of Ignacio Corral and Helen Man to its UK FCA-regulated operation based in London as the firm further expands its global business on account of increasing demand for its digital prime brokerage services.

    Retail FX, Uncategorized

    Public.com to shut down UK operation after eight months

    Public.com’s UK withdrawal reflects broader market dynamics, where increased competition among retail investing platforms, including newcomers like Robinhood and Webull, pressures companies to consolidate their efforts in their most profitable or strategic markets.

    Industry News

    UK FCA commits to swifter enforcement actions

    “Reducing and preventing serious harm is a cornerstone of our strategy. By delivering faster, targeted and transparent enforcement, we will reduce harm and deter others. We will also make greater use of our intervention powers to stop harm in real time.”

    Digital Assets

    Ultimate Crypto Trading Software: Zent Launches Innovative Platform For All Institutional Needs

    Zent, a pioneering software provider for financial institutions, has unveiled its all-in-one platform for high-speed crypto trading across popular exchanges. The “ultimate tool tailored to institutional teams and trading volumes” offers distinct advantages, eliminating hurdles like delays and market impact.

    <