Deutsche Boerse names new chief executive

Theodor Weimer, the current CEO at HypoVereinsbank UniCredit Bank, will take over as CEO of the exchange group next year.

Deutsche Boerse has named a new chief executive officer, just weeks after confirming the departure of Carsten Kengeter.

Theodor Weimer, currently the CEO at HypoVereinsbank UniCredit Bank and member of the executive committee of UniCredit Group, will assume the role as of 1 January 2018.

Weimer has extensive experience in investment banking, having worked at McKinsey & Company and Goldman Sachs as a managing director, before joining UniCredit as head of global investment banking in 2007.

Kengeter, chief executive officer at Deutsche Boerse, announced his intentions to step down from his role following pressure to quit amid an insider trading investigation.

He was investigated by German authorities over a share purchase made shortly before Deutsche Boerse moved to merge with the London Stock Exchange Group (LSEG).

On 14 December 2015, Kengeter is said to have purchased shares in Deutsche Boerse worth around €4.5 million. Just two months later, the exchange operator announced its plans to merge with LSEG.

It was initially thought the probe could be settled if Deutsche Boerse agreed to pay a fine of up to €10 million, but a Frankfurt court ruled against the settlement.

Kengeter commented at the time he announced his departure: “This decision was not easy for me since I feel very closely connected to Deutsche Boerse and I still have many plans for the company.

“In the light of the public accusations and allegations, I am taking this step to protect Deutsche Boerse in particular. I will thoroughly cooperate with the authorities until the end of the investigation. With this decision, I am paving the way for a new beginning for Deutsche Boerse.”