Chairman / Merger Discussions

London Stock Exchange
20 April 2000

 

APPOINTMENT OF NEW CHAIRMAN

 
The London Stock Exchange today announced the appointment of Don Cruickshank
as its new Chairman. He will join the board today and will take over from Sir
John Kemp-Welch as Chairman on 25 May, following the meeting of the Board. 
 
Sir John Kemp-Welch, Chairman of the Exchange since July 1994, said: 'I am
delighted that Don Cruickshank will be taking over as Chairman of the London
Stock Exchange. His considerable experience in both the private and the
public sectors will ensure that he brings a range and breadth of skills to
the Exchange at an important time in its history.' 
 
Commenting on his appointment, Don Cruickshank said: 'I am particularly
pleased to be taking over as Chairman of the London Stock Exchange as it
enters a new era as a fully commercial organisation. As one of the world's
foremost stock exchanges, it is clear that London will be playing a leading
role in the European and international developments that are already taking
shape and I very much look forward to working with Gavin Casey and the
management team on the exciting opportunities that lie ahead.' 
 
 

DISCUSSIONS WITH DEUTSCHE BORSE

In view of misleading press reports about the status of discussions with
Deutsche Borse, the Board of the London Stock Exchange is issuing the
following clarifying announcement. 
 
The London Stock Exchange confirms that it is aiming to achieve
rationalisation of securities trading across Europe and internationally, to
meet the needs of users who naturally want the simplest, most straightforward
and cheapest way to deal in shares in international companies across the
world. 
 
Discussions are taking place with Deutsche Borse to see if a merger between
the two exchanges can be the first major step in this process. London's
leading position in the trading of international securities gives it a
pivotal role in the realignment of exchanges and it is not yet clear that a
merger with Deutsche Borse can be agreed. 

 
Notes to Editors: 
 
     Don Cruickshank's varied business career includes experience at McKinsey
     and spells in senior management positions in the commercial sector with 
     Times Newspapers, Pearson and as Managing Director of Virgin Group, and in 
    the public sector as Chairman of Wandsworth Health Authority and Chief 
     Executive of the NHS in Scotland.

 
     Throughout the 90s his career has focused on the information, IT and media
     sector. He was Director General of Telecommunications from 1993 to 1998;   
    he led the UK's Millennium Bug campaign from 1997; and he is Chairman of
     Scottish Media Group plc. He has also recently completed a Review for the
     Chancellor on innovation, competition and efficiency in UK banking.