German stock exchange giant Deutsche Boerse has appointed a new chief executive as it tries to move on from the departure of Carsten Kengeter after allegations of insider trading.

Theodor Weimer will take over as chief executive in January for a three-year term.

Weimer is currently country chairman of Italian bank Unicredit, which he joined in 2007. Before that he worked across the blue-chip consulting and investment banking world, starting at McKinsey before moving to Bain and Company and then on to Goldman Sachs.

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

Deutsche Boerse had promised to appoint a new leader “by the end of the year” after the previous boss fell on his sword, faced with an insider trading investigation.

Kengeter will leave the group at the end of the year after being accused by German authorities of buying shares worth €4.5m in Deutsche Boerse two months before a planned merger with the London Stock Exchange (LSE) Group was announced.

Kenegter denies the allegations, and the board at first stood by him, saying in February it had “full confidence” in his leadership. However, a settlement offered to Kengeter by prosecutors was rejected by a German court in October, threatening to prolong scrutiny on his reign.

Meanwhile the merger with the LSE collapsed after European regulators raised competition concerns.

Read more: Deutsche Boerse board backs boss Carsten Kengeter despite trading probe

Full story: Deutsche Boerse appoints Unicredit banker as new chief executive: City A.M.