Former Lehman banker to head London Stock Exchange

LONDON (AP): The London Stock Exchange named former Lehman Brothers executive Xavier Rolet as its new chief executive on Friday, putting the trading veteran in charge as the exchange faces increasingly tough competition from new rivals.

Rolet, 49, who ran Lehman Brothers operations in France, had been widely expected to replace Clara Furse in the top job.

``With his deep knowledge of the Exchange's customers and understanding of the exchange business, plus his strategic mindset, Xavier is uniquely well placed to take the group forward in the next phase of its development,'' said LSE chairman Chris Gibson-Smith.

During her eight-year tenure, Furse fended off a number of hostile takeover approaches and presided over a merger with Borsa Italiana.