LSE axes comms chief Kafka to reduce costs

David Quainton, PR Week UK, Thursday, 29 June 2006, 12:00am,

The London Stock Exchange (LSE) has split its marketing and communications functions, having axed Paul Kafka's role of director of corporate comms and public affairs.

Kafka's imminent exit comes as the LSE strives to meet its pledge of making ‘efficiency savings of £7m in the financial year 2007'.

Kafka will leave within three months. The marcoms restructure see the LSE's regulatory, marketing and media relations teams split into three.

Regulatory strategy director Adam Kinsley will take on some of Kafka's responsibilities, while head of media relations John Wallace has been promoted to director of media relations.

Further details of the restructure and Kafka's leaving date have not yet been disclosed.

The reshuffle has been overseen by LSE CEO Clara Furse, who this Tuesday appointed David Pitman to the newly created role of director of marketing.

Kafka has been overseeing some marketing functions in his role.

‘Paul is involved in regulatory affairs and marketing,' said Wallace. ‘As a result of the restructure, the same job simply isn't there for Paul any more.'

Kafka, a former barrister, began his comms career in 1986 at Dewe Rogerson before securing roles at Hoare Govett and Nomura.

He joined the LSE in May 2004, before which he was executive director of corporate communications at Fidelity Investments.