Lou Eccleston is retiring early following what TMX called an “expedited but thorough” investigation that concluded he did not commit sexual harassment or misconduct while working for the financial services company. (The Logic)
Talking point: It’s been two months since Business Insider reported claims that Eccleston harassed women in the 1990s while working for Bloomberg LP. The TMX investigation, conducted by Toronto employment lawyer Janice Rubin, focused only on Eccleston’s conduct at TMX, about which there have been no publicly reported allegations. He had been CEO since October 2014, and his contract was due to expire at the end of 2020. TMX Group’s board has appointed chief financial officer John McKenzie as his interim replacement. TMX’s marquee property, the Toronto Stock Exchange, was up over 22 per cent in 2019, its biggest annual growth in a decade. Its average annual gain last decade was about 3.9 per cent, compared to the S&P 500’s annual 11.2 per cent.