Re: Directorate

London Stock Exchange Plc
07 October 2002

                                                                  7 October 2002

                                                                           27/02



DON CRUICKSHANK'S TERM AS CHAIRMAN OF LONDON STOCK EXCHANGE TO END IN 2003


Don Cruickshank announced today that his term as Chairman of London Stock
Exchange plc will end at the company's AGM in 2003.


Commenting on his decision, Don Cruickshank said today:


"My term as Chairman ends at the 2003 AGM. I have informed the Board that I do
not wish my name to go forward for another three years.


"My time at the Exchange has seen the Exchange move from mutual institution to
confident plc. The Exchange is thriving as a business in the very capable hands
of a new Board and its Chief Executive Clara Furse, and I feel it is now time
for new challenges.


"This early announcement is intended to give the Board sufficient time to find
and appoint a high calibre successor. I will remain as Chairman until the
conclusion of the 2003 AGM, and during that time will offer my successor my full
support."


Ian Salter, Deputy Chairman of the Exchange and Chairman of the Board's
Nominations Committee, said:


"Don Cruickshank has led the Board with characteristic wisdom and
clear-sightedness, and we are all extremely grateful to him for that.


"Don has also done outstanding work to lobby for a competitive level playing
field in financial services in Europe, especially through his campaigns for the
abolition of Stamp Duty on share dealing, and for improvements to clearing and
settlement arrangements.


"The Board thanks Don for his considerable contribution to the Exchange during a
critical period in its development."



                                    - Ends -



For further information, please contact:



John Wallace             Press Office   [phone]
                         [e-mail]

Notes to editors:

Don Cruickshank was appointed Chairman of the London Stock Exchange with effect
from 25 May 2000. He was appointed for a three-year term.

The Exchange's AGM will be held in July 2003. A date has not yet been fixed.

Please see below for Don Cruickshank's curriculum vitae:



DON CRUICKSHANK



1967 to 1970             Alcan Aluminium, Newport
                         Finance, systems and marketing project work.

1972 to 1977             McKinsey & Co. Inc
                         Consultant

1977 to 1980             Times Newspapers
                         Commercial Director and from 1979, General Manager of
                         The Sunday Times.

1980 to 1984             Pearson plc
                         Managing Director (Finance Administration and Planning)    
                         of information and entertainment division.

1984 to 1989             Virgin Group plc
                         Managing Director

1986 to 1989             Wandsworth Health Authority
                         Chairman

1989 to 1993             National Health Service in Scotland
                         Chief Executive

1994 to 1995             Christian Salvesen plc
                         Non Executive Director

1993 to 1998             Office of Telecommunications
                         Director General

1997 to 2000             Action 2000 - UK Government's Millennium Bug Campaign
                         Chairman

1998 to 2000             UK Banking Review
                         Chairman

1999 -                   SMG plc
                         Chairman

2000 -                   London Stock Exchange
                         Chairman


                      This information is provided by RNS
            The company news service from the London Stock Exchange