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October 8, 2007

LSE Finance Director Resigns

by Stewart Douglas

Story link: LSE Finance Director Resigns

The London Stock Exchange has today lost its finance director of little over a week with the resignation of Jonathan Howell from his new-found promotion, leaving him with personal stock options of an estimated £10 million.

Jonathan Howell was promoted to the position of finance director of the London Stock Exchange just over a week ago, a promotion resulting from the exchange’s takeover of Borsa Italiana earlier in the month.

His resignation was seen as a complete shock after just one week in the job, and will see him leave at the end of January to assume a new position at Close Brothers, which has been described today by the stock exchange as disappointing in light of its recent expansion through the takeover of Borsa Italiana.

Howell had been involved in the stock exchange for over a decade, and has built up a significant personal holding in the company totalling almost £2 million.  Upon his resignation, Howell will also have options to buy a further 600,000 shares in the company, which would increase his personal fortune to around £10 million.

Howell was salaried at over £970,000 including bonuses over the last financial year, a pay rise from £778,000 the year before. It is thought that the financial incentives will be greater in his new position with Close Brothers.

He will join Close Brothers in January 2008 as a finance director, with similar responsibilities to those in his current post.  The move caused an upsurge in the value of LSE shares this morning, which gained 1.5% over trade today.

The London Stock Exchange has officially addressed the issue today, thanking Howell for his contribution to the company over the years and his important role in the development of LSE over the last decade.  The search for the replacement finance director has already begun

 

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