Shares in London Stock Exchange Group (LON:LSE) have advanced in today’s session, as the company unveiled that it had appointed Goldman Sachs veteran David Schwimmer as its new chief executive. The appointment comes after Xavier Rolet left the company in November last year.
As of 09:46 BST, London Stock Exchange’s share price had added 0.35 percent to 4,253.00p, outperforming the broader UK market, with the benchmark FTSE 100 index having slipped marginally into the red and currently standing 0.10 percent lower at 7,250.84 points. The group’s shares have added just under a third to their value over the past year, as compared with about a one-percent dip in the Footsie.
New CEO at LSE
London Stock Exchange announced in a statement this morning that it had appointed David Schwimmer as Chief Executive Officer from August 1. He will join the company following a career at Goldman Sachs spanning 20 years.
“I am delighted to announce David Schwimmer’s appointment after what has been a comprehensive global search conducted by the Board,” LSE’s Chairman Donald Brydon commented in the statement.
Schwimmer’s appointment ends a month-long search for a CEO after former boss Xavier Rolet stepped down in November last year, with hedge fund shareholder TCI losing a battle to keep him at the helm of the company.
“It hasn’t been an orthodox transition, but we’re pleased to see clear leadership being put in place,” a top-20 investor in LSE told Reuters.
Analysts on group
JPMorgan Chase, which has a ‘buy’ rating on London Stock Exchange, set a price target of 4,600p on the shares today while earlier this week, Credit Suisse reiterated its ‘outperform’ stance on the shares with a valuation of 4,450p. According to MarketBeat, the company currently has a consensus ‘buy’ rating and an average price target of 4,243.27p.