PhosAgro to name ex-LSE chief Rolet to board
Phosagro PJSC (PHOR.MZ) said Monday that it plans to appoint former chief executive of the London Stock Exchange Group (LSE.LN) Xavier Rolet to its board as an independent director.

The Russian-listed fertilizer producer said that Mr. Rolet will be nominated to the board at the shareholders' annual general meeting on May 30.

Mr. Rolet was chief executive of the London Stock Exchange Group for nine years and left the board last December.

The LSE first said last October that Mr. Rolet would leave the company at the end of next year, bringing the curtain down on a tenure of close to a decade.

Mr. Rolet's unexpected departure plan prompted activist investor TCI Fund Management Ltd., through a series of letters, to argue the LSE had effectively fired Mr. Rolet under the "guise of succession planning" and risked significant value destruction.

The LSE defended its actions, saying it had followed proper governance procedures. Mr. Rolet made it clear he had no plans to return to the exchange and subsequently left on Nov. 29, 2017.
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