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London Stock Exchange Boss Salary Almost Tripled After Refinitiv Takeover | London Stock Exchange

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The boss of the London Stock Exchange Group nearly tripled his salary to 6.9 million last year after the $ 27 billion (19.5 billion) buyout of financial data provider Refinitiv spurred the price of l LSE action.

David Schwimmer, an American banker who has been managing director of LSE since 2018, received a base salary of 800,000, a bonus of 1.4 million, plus 4.3 million free long-term shares, according to the company’s annual report published Monday.

In addition to other perks such as 213,000 private medical insurances and expatriate allowances, Schwimmers’ total salary in 2020 was 6.9million – 180% increase from the 2.5million he made. collected in 2019, making him one of the highest paid bosses in the FTSE 100.

The company’s exceptional salary reflected the 50% growth in LSE’s share price between August 2019, when the Refinitiv deal was announced, and its close in January 2021.

However, shares fell 25% over the past month, fearing that the costs of integrating companies were higher than expected.

The purchase of Refinitiv is designed to allow LSE to compete with global financial information provider Bloomberg. The financial reporting market has exploded with the advent of computer trading, triggering a wave of buybacks as companies seek to create one-stop shops to serve clients and gain an edge over traditional rivals in providing data. , nicknamed the new oil.

The LSE owns the London Stock Exchange, on which it is listed, as well as other exchanges in Europe.

Schwimmers’ salary is far higher than the median average salary of the FTSE 100 CEO of 3.6 million, according to data from the High payment center, which campaigns against excessive remuneration of executives. He also got a 25% increase in his base salary for 2021, to 1m.

Bankers and other advisers on the LSE’s purchase of Refinitiv earned more than $ 1 billion in fees on the deal, making it one of the highest-paying acquisitions in British business history.

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