LSE Group names Publicis’ Michel-Alain Proch as next finance boss
- Proch is currently the Chief Financial Officer of advertising agency Publicis Groupe
- The Frenchman has also worked at Ingenico Group and IT services provider Atos
- He replaces Anna Manz, who announced her resignation in May
Appointment: The LSE Group has appointed Michel-Alain Proch as its new Chief Financial Officer
The London Stock Exchange Group has appointed Michel-Alain Proch as its new Chief Financial Officer.
Proch currently holds the same position at Publicis Groupe, one of the ‘Big Four’ advertising agencies and the former owner of Saatchi & Saatchi.
Previously, the Frenchman was finance boss at fintech provider Ingenico Group and IT services company Atos, where he was also CEO of the North American division and chief digital officer.
He replaces Anna Manz, who announced in May that she would step down after three years in the position. She will be the next CFO of confectionery giant Nestlé.
LSE Group said Proch would move from Paris to London and receive an annual starting salary of £850,000, as well as bonuses.
David Schwimmer, CEO of the company, said: “(Proch’s) deep experience at global, financial infrastructure and IT data solutions companies will be invaluable as we achieve the next phase of our strategic growth.
Proch added: “It is an exciting time to join LSEG as the group continues its transformation as a leading global infrastructure and data provider for the financial markets.
“I look forward to working with David and the entire team to deliver on our strategy and deliver further value for stakeholders.”
His appointment comes just days after LSE Group committed £1bn of share buybacks by 2023 due to ‘strong cash generation’.
In addition, the company said sales growth this year is expected to be at the high end of its guidance range of 6 to 8 percent.
The prediction coincided with the FTSE 100 company hosting a two-day investor event, where it outlined plans to expand through its partnership with Microsoft in the coming years.
LSE Group signed a transformative, decade-long deal with the software giant in December 2022.
Under the deal, the company will spend at least £2.3 billion on Microsoft’s data analytics and cloud-related technology.
In return, Microsoft has acquired a 4 percent stake in LSE Group from a consortium of investors including asset manager Blackstone, Thomson Reuters and Singapore’s sovereign wealth fund.
When the deal was first unveiled, Schwimmer called it “an important milestone in LSEG’s journey to become the leading global infrastructure and data company for financial markets, and will transform the experience for our customers.”
Shares on the London Stock Exchange were 0.3 per cent higher at £85.76 on Monday afternoon.