LONDON (Reuters) - The London Stock Exchange Group (LSE.L) shook up its senior management team on Tuesday, including appointing a new chief financial officer, as it moves to diversify beyond its core share trading business into data, technology and clearing.
The LSE said CFO Doug Webb would be standing down next month, to be replaced by David Warren, who formerly held the same post at U.S. exchange Nasdaq OMX (NDAQ.O).
“With our sights firmly set on becoming the world’s leading diversified exchange group ... I am delighted that David Warren will be joining the company,” Xavier Rolet, chief executive of the LSE Group, said in a statement.
Rolet is working on an ambitious plan to diversify the LSE and in April secured the backing of shareholders to buy 60 percent of European clearing house LCH.Clearnet.
Analysts said Webb was well respected and had done a good job. The statement gave no indication of plans for his next job.
The LSE also said former JP Morgan banker Alexander Justham had been appointed to the new position of chief executive of its London Stock Exchange Plc subsidiary. Justham, who joins from regulator the Financial Services Authority, will be responsible for regulatory strategy, government and public affairs.
“There is a huge amount of regulatory change going on (...) - so it is always good to have your voice heard,” said Richard Perrott, an analyst at Berenberg Bank.
Among other changes, the exchange said Chief Information Officer Antoine Shagoury has also been made the group’s chief operating officer, while David Lester has been appointed group director of strategic development, a role he will do alongside his existing position as group director of information services.
“It reflects the fact the business is growing and becoming more international. Some of the changes are just internal re-jigging, and so reflect fine tuning rather than a significant shift in strategy,” said Perrott.
Director of Post Trade Services Kevin Milne and Head of Primary Markets Tracey Pierce will also be leaving.
Pierce, who has faced a tough market in which to attract new listings over the past few years as the financial crisis and euro zone debt woes have rocked stock markets, will be replaced by Morgan Stanley corporate broker Alastair Walmsley.
Walmsley previously spent five years working in equity capital markets at Merrill Lynch.
editing by Jane Baird