Former LSE chief receives £1m pay off
Chartered accountant and former chief executive of the London Stock Exchange, Gavin Casey, received nearly a million pounds in compensation when he quit the exchange.
Casey, who resigned in September last year, received a severance payment of £950,000. He also received salary, bonus and benefits of £317,000, according to the LSE’s listing prospectus published yesterday.
Casey stepped down at the LSE under immense pressure from City institutions following the failure to merge with Deutsche Borse.
Chairman Don Cruickshank who was also criticised for his role in the Deutsche Borse plan, earned a salary of £432,000 and a bonus of £250,000 during his first year in the job
During his time in charge, Casey was also called before the House of Commons’ Treasure Select Committee to explain a collapse of the LSE’s computer system. The eight-hour breakdown was the worst in the history of the exchange.