David Schwimmer will start on August 1 as CEO of the London Stock Exchange

London (United Kingdom) (AFP) - The London Stock Exchange Group announced Friday that it has picked Goldman Sachs banker David Schwimmer as the company’s new chief executive.

American Schwimmer, 49, will start on August 1 after a 20-year career with US banking giant Goldman Sachs, the LSEG announced in a statement. He will replace Frenchman Xavier Rolet, who was forced out late last year.

Schwimmer will be paid an annual salary of £775,000 ($1.1 million, 891,800 euros) with a bonus opportunity of 225 percent of that figure.

He will also bank a one-off payment of £1.0 million to compensate for the “forfeiture of cash compensation for 2018 from his previous employer”.

Frenchman Xavier Rolet had stood down as LSE boss in November 2017 after a reported boardroom struggle on concerns over his management style.

At Goldman Sachs, Schwimmer was most recently the global head of market structure and global head of metals and mining in the investment banking division.

He also had a stint as chief of staff to Lloyd Blankfein, the bank’s then president.

The LSEG said that Schwimmer brings a strategic perspective on financial markets infrastructure to the company.

“He is well known for his robust intellect and partnership approach with clients and colleagues alike,” said LSEG chairman Donald Brydon.

Meanwhile, David Warren – who has been standing in as interim chief executive – will stay on as finance chief.

Rolet was chief executive for more than eight years, during which time the LSE saw its stock market value soar from £800 million to almost £15 billion.

However, the Frenchman’s tenure was marred by a failed £21-billion merger with Germany’s Deutsche Boerse after it was blocked by the European Commission in March of last year.

That marked the third failed attempt at a tie-up between the two stock exchange operators.