LONDON: London Stock Exchange Group said Thursday that its chief executive, French national Xavier Rolet, would leave the company by the end of 2018 after almost a decade in charge.
“The board is now initiating a process to find a successor and will work closely with Xavier to ensure a smooth transition process as the group continues to execute on its successful growth strategy,” a statement said.
It did not give any indication about the reason for Rolet’s departure.
Rolet joined LSEG in 2009 and since then, the company’s market value has rocketed to nearly £14 billion from £800 million, the statement said.
Rolet said he was “extremely proud” to have helped “turn LSEG into a truly global financial market infrastructure group.”
Under his stewardship, the company bought US asset manager Russell for $2.7 billion to diversify and boost its business in the United States.
It also bought LCH.Clearnet, the British clearing house.
But also on his watch, the LSEG — which additionally operates Italy’s Borsa Italiana — failed in separate attempts to merge with the Toronto stock exchange and earlier this year with Germany’s Deutsche Boerse.
The EU in March blocked a proposed blockbuster tie-up of the London and Frankfurt stock markets owing to competition concerns and fallout from Brexit.
Speaking on Wednesday, Rolet warned that more British firms would move business to EU countries should Britain fail to hammer out a post-Brexit transition deal by the end of the year.
“In the absence of certainty in the next few months, the businesses, the CEOs, the boards the executive committees of many companies that are based here will have to start acting on worst case scenarios,” the 57 year-old said in a speech made at Britain’s parliament.
London Stock Exchange says CEO Xavier Rolet to depart
London Stock Exchange says CEO Xavier Rolet to depart
QatarEnergy secures offshore exploration license in Libya
RIYADH: QatarEnergy has secured a marine exploration license in Libya following the conclusion of the “Libya Bid Round,” marking its entry into the country’s energy sector.
In a statement, QatarEnergy said Libya’s National Oil Corp. announced the results of the competitive bidding process, the first licensing round held in the country since 2007.
Exploration and production rights for Block O1 were awarded to a consortium comprising QatarEnergy, which holds a 40 percent participating interest, and Italy’s Eni, the operator, with a 60 percent stake.
Commenting on the development, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, said: “We are pleased to have been awarded exploration rights in this area and are encouraged by the potential of Libya’s offshore sector and the opportunities to expand our footprint in North Africa.”
He added: “I would like to thank and congratulate the Libyan authorities on the success of this licensing round. We look forward to working closely with the Libyan authorities and Eni to ensure the successful execution of the exploration program.”
Block O1 is located in the offshore Sirte Basin and spans approximately 29,000 sq. km, with water depths reaching up to 2,000 meters.
Beyond Libya, QatarEnergy continues to expand its global presence, particularly in Asia. The company recently signed a 20-year sales and purchase agreement with Malaysia’s Petronas to supply 2 million tonnes per annum of liquefied natural gas starting in 2028.
The agreement, signed during the LNG2026 conference in Doha, represents the first long-term LNG deal between the two state-owned energy companies. QatarEnergy said the partnership reflects “continued confidence and trust between the two organizations” and underscores their shared vision for a sustainable energy future.
Al-Kaabi noted that the agreement “highlights our continued commitment to supporting Malaysia’s growing energy needs, as well as those of our customers worldwide.”
On the sidelines of the same conference, QatarEnergy also signed a memorandum of understanding with Japan’s Ministry of Economy, Trade and Industry and JERA to supply additional LNG volumes during emergencies, such as natural disasters.
