Deutsche Boerse has started CEO search, chairman says

SIMCORP A/S

29/09/2023 09:48

(Adds details and background from paragraph 8)
    By Tom Sims
       FRANKFURT, Sept 29 (Reuters) - German stock exchange
operator Deutsche Boerse  DB1Gn.DE  has begun the search for a
new chief executive that includes both external as well as
internal candidates, the company's chairman told Reuters on
Friday.
    Deutsche Boerse CEO Theodor Weimer said in June that he
would not pursue another term when his contract runs out next
year at the helm of one of Germany's most valuable companies,
saying "fresh blood" was needed.
    "We have set up a process that follows the principles of
good governance. This process is proceeding in an orderly manner
and as planned," Chairman Martin Jetter said in response to a
question about the status of the search.
    Weimer joined the German exchange operator in 2018, becoming
one of the country's highest-paid corporate chiefs and ushering
in a period of relative calm after turbulent years. 
    Jetter said the search process "includes talks with internal
and external candidates, who must possess all the necessary
qualifications and experience for this challenging position".
    Deutsche Boerse has mandated the headhunter Heads!
International to help conduct the search, a person with
knowledge of the matter said. 
    Heads! didn't immediately respond to a request for comment.
    Weimer's contract runs until the end of 2024.
    Before he joined Deutsche Boerse, the company had for years
tried and failed to merge with the London Stock Exchange to
create a global titan in the industry.
    Weimer, a former Goldman Sachs partner, also sought deals
during his tenure.
    Deutsche Boerse is completing a 3.9-billion euro ($4.13
billion) takeover of Danish investment management software
company SimCorp  SIM.CO . It also bought Institutional
Shareholder Services. 
    Some deals didn't pan out, though, like an approach for
Borsa Italiana.
    Deutsche Boerse saw profit rise 24% last year as volatility
in financial markets lifted trading volumes and revenues.
    Asked in June about his future, Weimer said he had no plans
but would be drawn to technology, something "a bit more
international" and that didn't necessarily have to involve
supervisory boards.
    ($1 = 0.9432 euros)

 (Reporting by Tom Sims; Editing by Elisa Martinuzzi and Mark
Potter)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))