Customer Comments:  Casey to leave LSE with Pounds 600,000 payout; [4M Edition]

The Times
Sep 16, 2000


Casey to leave LSE with Pounds 600,000 payout
[4M Edition]
The Times
London (UK)
Sep 16, 2000

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Authors:                  James Moore

Pagination:               23

ISSN:                     01400460

Personal Names:           Casey, Gavin


Abstract:

   Mr [Gavin Casey]'s payoff is likely to be based on his annual remuneration.
This includes a Pounds 340,000 salary plus benefits, which totalled Pounds
259,000 last year. The LSE said the amount had yet to be decided but would
be "less than Pounds 1 million".

   Mr Casey also owns 2,500 shares in the LSE, worth Pounds 73,750 based
on yesterday's price of Pounds 29.50.
(Copyright Times Newspapers Ltd, 2000)

Full Text:

   Gavin Casey is expected to leave the London Stock Exchange with a payout
of about Pounds 600,000 following his decision yesterday to quit as chief
executive, just one day after narrowly surviving a vote to unseat him.

   It is understood that he took the decision to go after a morning meeting
with Don Cruickshank, the chairman, in the wake of Thursday's vote in which
he won the support of just 54.3 per cent of voting shareholders.

   Mr Casey's payoff is likely to be based on his annual remuneration.
This includes a Pounds 340,000 salary plus benefits, which totalled Pounds
259,000 last year. The LSE said the amount had yet to be decided but would
be "less than Pounds 1 million".

   Mr Casey also owns 2,500 shares in the LSE, worth Pounds 73,750 based
on yesterday's price of Pounds 29.50.

   Mr Cruickshank will temporarily become executive chairman, assisted
by Martin Wheatley, director of business development, and Jonathan Howell,
director of finance.

   Mr Casey last night defended his time at the Exchange.He told The Times:
"I think the record under my stewardship of turning losses into substantial
profits for shareholders and demutualising the Exchange speaks for itself.

   "A lot of the comments made at the AGM were about problems dating from
years ago. I certainly wanted to be re-elected and I was. I think I have
done the right thing for the company and for myself."

   It is understood that headhunters have been appointed to secure a successor.
Favourites include Pen Kent, head of the European Securities Forumand and
David Clementi, Deputy Governor of the Bank of England.

   Commentary, page 25

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Further reproduction or distribution is prohibited without permission.


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