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Report: LSE to replace COO to address underperforming unit

London Stock Exchange Group PLC is set to replace COO Chris Corrado as part of a shakeup of top management aimed at turning around the company's underperforming trading technology unit, the Financial Times reported, citing two sources with knowledge of the plans.

The exchange operator is set to announce in the week of Dec. 16 that it will replace Corrado with Anthony McCarthy, the chief information officer of its clearing house LCH Group Holdings Ltd., the sources told the newspaper. Corrado also serves as LSE's chief information officer.

The unit, which posted a 5% fall in revenues on a constant-currency basis for the first nine months, is the only one of the group's main businesses to see a decline in revenues so far in 2019, according to the report.