London Stock Exchange boss takes home almost £8m despite high-profile delistings
The chief executive of the London Stock Exchange Group saw his pay packet swell to almost £8m despite the stream of high-profile delistings in 2024.
David Schwimmer took home £7.8m for the group’s latest financial year, up from the £5.3m he was paid for 2023.
His remuneration was made up of £1.3m in salary, a rise from £1m, while his annual bonus doubled to £3m, according to the group’s annual report.
He also received £2.4m through the London Stock Exchange Group’s long-term incentive plan, up from £1.8m.
Schwimmer was awarded £734,000, which was linked to the growth in the group’s share price – a rise from £666,000 in 2023.
Shares in the London Stock Exchange Group started 2024 trading at 9,140p and ended the year at 11,285p.
Schwimmer was awarded 70 per cent of his maximum potential bonus opportunity which is set at 300 per cent his base salary.
Morning Wire reported in February that the owner of the London Stock Exchange had dismissed the gloom that is plaguing London’s public markets, pointing to its solid performance relative to European counterparts.
Speaking alongside his firm’s full-year results, Schwimmer reiterated his view that UK IPOs would pick up this year, saying he was “very confident in the direction of travel”.
The boss was also asked about the London Stock Exchange’s ability to retain some of its blue chip firms, amid a growing pattern of companies being picked off public markets by private equity or opting to move their primary listing to the US.
Last year, 88 companies left the LSE – including tech darling Darktrace and Paddy Power-owner Flutter – while just 18 joined it through new listings.
But Schwimmer played down the extent and gravity of the exodus to the US, pointing that just two listed UK-listed companies a year in the past 10 years had opted to move listings to US exchanges.