Rolet reaps rewards but LSE profit falls

XAVIER Rolet earned £1.65million in his first year as chief executive at the London Stock Exchange, nearly 40 per cent more than predecessor Clara Furse, as a reward for major initiatives despite decline in profits.

The LSE's annual report, released yesterday, listed Rolet's bonus as 1m and his basic compensation as 650,000. The basic was up from 540,000, but it was the bonus that was sharply higher.

Rolet has undertaken a number of projects, including the acquisition of software firm Millennium IT and a controlling stake in trading facility Turquoise, as well as chopping fees and staff and negotiating lower post-trade costs.

The LSE's remuneration committee also approved a big rise in compensation for chief financial officer Doug Webb, who earned 330,000 in 2009 and an equal amount as a bonus. He also got 500,000 of performance shares.