Deutsche Boerse prepares shortlist for next chief executive by end of year

To Do List Kimberly Vohsen

Europe's dominant exchange operator Deutsche Boerse already has a shortlist of potential candidates to be its next chief executive, with an appointment to be made this year, according to its chairman.

Joachim Faber said the firm's board has selected a "handful of potentially suitable candidates", and that it is working "very fast" to appoint a successor to scandal-hit Carsten Kengeter, in an interview today with German newspaper Frankfurter Allgemeinen Sonntagszeitung.

"Our goal is to have someone by 1 January. In any case, we want to determine the successor this year," said Faber, who himself is facing pressure to resign from investors, according to the Financial Times.

Read more: Deutsche Boerse CEO steps down over insider trading investigation

The board's hasty search for a replacement was prompted by the resignation of current chief executive Carsten Kengeter. Kengeter faces a probe on insider trading allegations relating to the botched merger between Deutsche Boerse and the London Stock Exchange.

The £21bn deal fell through in March after the European Commission on competition concerns, but authorities are concerned that a share purchase in December 2015 worth €4.5m (£4m) may have been made with insider knowledge of the merger plans, which boosted the value of the shares.

In only February the Deutsche Boerse board said it had "full confidence" in Kengeter after the probe emerged, saying the purchase was made before talks started. In September this year Deutsche Boerse agreed to pay two fines totalling €10.5m to settle the investigation, but said it was not an acceptance of fault.

However, the pressure on Kengeter led him to resign last Thursday, hours after the firm warned profits would fall short of targeted increases.

Read more: Deutsche Boerse has a cunning plan to nab euro clearing from London

Full story: Deutsche Boerse prepares shortlist for next chief executive by end of year: City A.M.

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