London Stock Exchange Group Plc (LON:LSE) has just announced directorate changes, as Raffaele Jerusalmi and Andrea Sironi are leaving the Board.

The announcement was made shortly after Euronext confirmed that its shareholders approved the proposed acquisition of Borsa Italiana Group.

In preparation for the proposed divestment of the Borsa Italiana Group to Euronext, Raffaele Jerusalmi and Andrea Sironi have agreed that it is now appropriate for them to step down from the LSEG plc Board with immediate effect.

Raffaele Jerusalmi was appointed to the Board of LSEG in June 2010. He has worked for Borsa Italiana S.p.A. for over 20 years and is Borsa Italiana’s Chief Executive Officer. Mr Jerusalmi also holds a number of other internal senior positions within the Group including: the Vice Chairmanship of Monte Titoli, MTS and CC&G and Chairman of Elite S.p.A.

Prior to joining Borsa Italiana, Raffaele Jerusalmi was Head of Trading for Italian Fixed Income at Credit Suisse First Boston. He was also a member of Credit Suisse’s proprietary trading group in London as well as representing Credit Suisse First Boston on the Board of MTS S.p.A.. Prior to joining Credit Suisse, he was Head of Trading for the fixed income and derivatives divisions at Cimo S.p.A. in Milan.

Andrea Sironi was appointed to the LSEG Board in October 2016. He was an Independent Non-Executive Director of Unicredit Group until February 2019. He was a Non-Executive Director of Banco Popolare Società Cooperativà, SAES Getters S.p.A. and Cogentech S.c.a.r.l. He has been the Vice Chairman of Banca Aletti & C S.p.A. from April 2009 to October 2012. He has also been a Member of the Fitch Academic Advisory Board from June 2006 to June 2010.

Andrea Sironi is the Chairman of Borsa Italiana S.p.A. He is also Vice President of Bocconi University, Italy, where he was Rector from 2012 to 2016 and where he is currently also a Professor of Banking and Finance. He is also a Director of Intesa Sanpaolo S.p.A..

Don Robert, Chair of LSEG, commented on the changes:

“On behalf of the Board, I would like to thank Raffaele and Andrea for the tremendous contributions they have made both to the Group’s success in Italy and more broadly. Raffaele, in the last 10 years in his role as an Executive Director, has played a key role in the growth of the Group’s Capital Markets business since the merger between Borsa Italiana and London Stock Exchange in 2007. Following his appointment to the Board in 2016, Andrea has provided valuable financial risk management and regulatory experience. We wish them both the very best for the future.”