Germany's Deutsche Boerse AG (DBOEF, DBOEY) announced that it has reappointed Chief Executive Officer Dr. Reto Francioni for another four-year term, effective until October 2016. The company's supervisory board resolved changes to the composition of the Executive Board in a meeting earlier in the day.
Francioni has been serving as CEO and a member of the executive board of Deutsche Börse since November 2005. He has also served as interim chief financial officer of the company March 2007 to May 2007. Previously, he served as Chief Executive Officer of SIX Swiss Exchange Ltd. (known as SWX Swiss Exchange AG) from 2002 to September 2005.
Among other resolved changes, Hauke Stars was named to succeed Dr. Ing Michael Kuhn as member of the executive board. Kuhn's contract will expire at the end of the year, and who is leaving the company on good terms.
Stars, and IT engineer, will assume responsibility for the IT and Market Data & Analytics departments, along with selected external IT services which are to be combined into a restructured area of responsibility, with effect from December 1, 2012.
The company also said Executive Board member Frank Gerstenschläger has opted not to extend his contract when it expires on 31 March 2013, and will be leaving the company on good terms. He was responsible for Deutsche Börse's cash market operations.
Deputy CEO Andreas Preuss will now be responsible in jointly managing the cash market along with the derivatives businesses, which he has been responsible for since 2006. This will reduce the number of executive board members to five from six.
Meanwhile, the company has maintained the group's settlement and custody area under the leadership of Jeffrey Tessler, CEO of Clearstream, and the finance area under CFO Gregor Pottmeyer.
The shareholders of Deutsche Börse had elected the company's new supervisory board at the Annual General Meeting in mid-May 2012. The supervisory board members then elected Dr Joachim Faber as Chairman and Gerhard Roggemann as deputy.
In Tuesday's regular trading session, DBOEY is currently trading at $5.87, down $0.01 or 0.17% on a volume of 6,142 shares.
On Frankfurt's Xetra exchange, Deutsche Boerse shares are trading at 45.09 euros, up 0.05 euros or 0.10% on a volume of 0.73 million shares.
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by RTT Staff Writer
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