Stock exchange chief quits

The chief executive of the London Stock Exchange, Gavin Casey, has resigned.

LONDON, England (CNN) – The chief executive of the London Stock Exchange, Gavin Casey, has resigned.

Casey narrowly won election to LSE’s board of directors at an annual general meeting on Thursday by 56 per cent to 44 per cent but it was not enough for him to hold onto the chief executive's job.

His resignation will become effective immediately and his role will be taken over by LSE Chairman Don Cruickshank.

The LSE is currently trying to fight off a £820 million hostile bid from Sweden’s OM Group and this week pulled out of a proposed merger with Deutsche Borse.

LSE shareholders had been angry at the handling of the Deutsche Borse affair, which had initially been announced in May.

The LSE is now vulnerable to additional hostile bids from the New York Stock Exchange and other U.S. and European stockmarkets.