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Germany: Failed merger key to Boerse CEO contract renewal

By  |  April 12, 2017

Deutsche Boerse’s supervisory board is reluctant to approve quickly an extension of CEO Carsten Kengeter’s contract following the German exchange operator’s failed merger with the London Stock Exchange, two people close to the matter said.

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    Kengeter’s contract as CEO is due to expire in March of next year, but German blue-chip firms usually renew board member contracts a year before they expire. However, such a contract extension is not a priority for Deutsche Boerse’s directors, who are due to meet in late April, the sources said.

    Another of the main factors preventing Deutsche Boerse from giving Kengeter another full term is a pending investigation into insider trading, the sources said.

    German financial watchdog Bafin handed over the findings of an investigation into allegations of insider dealing against Kengeter to public prosecutors in February.

    Full Content: Reuters

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