LSE looks for successor to Clara Furse
Chris Gibson-Smith, Chairman of the London Stock Exchange, is believed to be discussing the recruitment of a successor to Clara Furse, its gritty Chief Executive. The LSE is said to be using the services of a leading City search firm to oversee the appointment process.
There is apparently no formal timetable for Furse’s departure but she is unlikely to leave before next autumn at the earliest, and may even remain in place beyond the end of next year.
“Clara has been with the Exchange for eight years and it is natural that the board is thinking about succession planning,” said an insider, quoted by the Sunday Telegraph. “She remains fully committed to the completion of its integration with Borsa Italiana,” which the LSE merged with in 2007.
This move has come as a surprise in the City. During her time in charge, she has defended the LSE against a string of hostile takeover bids, earning her the nickname “Queen Clara”.
“Each of the bids was pitched above its current share price. The approaches included one from Macquarie, the Australian banking group, another from Nasdaq, the American technology exchange, and one from Deutsche Borse.”
Her determination to keep the LSE out of the clutches of foreign predators has, ironically, led to closer ties with overseas exchange groups. Large chunks of the London exchange are now owned by shareholders from the Middle East, while last year’s takeover of Borsa Italiana was one element of a wave of consolidation which has swept through the exchanges industry in the last two years.”
Successors are thought to include Massimo Capuano, the deputy chief executive of the LSE group, Doug Webb, the recently recruited chief financial officer, and Martin Graham, director of equity markets, who has led the growth of Aim, the LSE’s successful junior exchange.
The LSE has declined to comment on the search for Furse’s successor.


With an Italian — Fabio Capello — now firmly ensconced as the England football manager (for the time being at least), and the comings and goings between new partners, the London Stock Exchange and its Italian counterpart now an established traffic flow, it seems British-Italian relations have never been better.
The London Stock Exchange, which has seen almost a half of its shares snapped up by two rival Arab Royal families, has announced that the summer’s volatility in share trading during the credit crunch in financial markets has boosted growth in the booming exchange’s business.
The London Stock Exchange is looking for a new name for the business that will own the merged LSE and Borsa Italiana.