Gibson-Smith to step down as LSE chairman

Chris Gibson-Smith is to step down as chairman of the London Stock Exchange Group next year after more than 11 years in the role, he announced at the group’s annual shareholder meeting on Wednesday.

Mr Gibson-Smith took over the position in May 2003, two years after the bourse floated on its own market and oversaw the group’s three largest purchases – Borsa Italiana in 2007, a majority stake in LCH.Clearnet last year, and the planned $2.7bn deal to buy Frank Russell Investments. He also oversaw the LSE’s successful defence of takeovers from Deutsche Börse and Nasdaq OMX.

Robert Webb, the group’s senior independent director, is to chair a nominations committee and its work is expected to be completed by December 2015.

The LSE also told shareholders that its prospectus to shareholders for the $1.6bn rights issue that will help fund the Russell deal is expected to be posted in late August. Just over 5 per cent of investors who voted objected to the group’s remuneration policy.

The resurgent market for initial public offerings in the UK and Italy helped raise total revenues 20 per cent to £299.9m. The figures were boosted in part by the contribution of LCH.Clearnet. On an organic basis, it recorded growth of 12 per cent.

Total income at the LSE rose 16 per cent to £324m for the three months to June, with its capital markets business driving growth amid a wave of new listings and secondary market trading.