All Change In The City

by Philip Morton, Investors Offshore.com

09 April 2003

The London Stock Exchange (LSE) announced on Tuesday that it has appointed a successor to Don Cruikshank, who is set to retire as Chairman of the Exchange in July.

However, the choice of outsider, Dr Chris Gibson-Smith has surprised some observers, who were hoping for a higher profile appointment.

Speaking to Reuters following the LSE's announcement, one unnamed analyst explained that: 'People had been hoping for a figurehead like Paul Myners,' who was the architect of the UK's pension fund reforms.

Dr Gibson Smith, who is currrently Chairman of National Air Traffic Services, and a non-executive director of Lloyds TSB Group and property company, British Land, will assume his new position in May.

His appointment has been warmly welcomed by both the current incumbent and the bourse's Chief Executive, Clara Furse. Speaking this week, Ms Furse announced that:

'I am delighted to welcome Chris Gibson-Smith to the Exchange. His international commercial experience and strategic acumen will help us to strengthen our position as the world's most global exchange business. I am very much looking forward to working with him.'

It was all change at the Financial Services Authority (FSA) as well, as last week the regulator announced that Callum McCarthy has been selected to succeed Sir Howard Davies as Chairman when the latter steps down later this year.

Mr McCarthy is currently Chairman of the Office of Gas and Electricity Markets (Ofgem).

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