© Reuters. FILE PHOTO: A general view shows the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/File Photo
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FRANKFURT (Reuters) – Deutsche Boerse (ETR:) on Friday announced that board member Stephan Leithner will become the new chief executive of the German stock exchange operator, one of the nation’s largest financial firms.
Leithner, on Deutsche Boerse’s board since 2018, will succeed the current CEO Theodor Weimer, who last year announced he would not pursue another term when his contract ran out at the end of 2024, saying “fresh blood” was needed.
Deutsche Boerse began looking for internal and external candidates in September, and local media had speculated that Leithner was a potential successor.
Deutsche Boerse in recent years has tried to grow through mergers and acquisitions, and has profited from the market volatility that drives trading and its revenue. It has also benefited from higher interest rates and the income that generates.
“The challenge now is to further realise this potential across the group to shape the markets of the future,” Leithner said in a statement.
Before Weimer assumed the helm in 2018, Deutsche Boerse had had turbulent years, trying and failing to merge with the London Stock Exchange to create a global titan in the industry.
Weimer restored some calm as he sought a series of smaller deals – succeeding in buying Danish investment management software company SimCorp and Institutional Shareholder Service but failing in an approach for Borsa Italiana.
Deal-making is still part of Deutsche Boerse’s strategy.
Before joining Deutsche Boerse, Leithner, was a member of Deutsche Bank (ETR:)’s management board and then a partner at EQT, a private equity company.
Leithner and Weimer will be co-CEOs from Oct. 1 through 2024 to “ensure an orderly transition”, the company said. Leithner will then be solo CEO.
The decision was taken on Friday at a meeting of the supervisory board.
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