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."

For further information, please contact:

John Wallace Press Office

+44 (0)20 7797 1222

newsroom@londonstockexchange.com

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

Back to the main press releases branch