Deutsche Boerse Announces Unicredit Country Chairman As Firm’s New Chief Executive After Resignation of Scandal-Hit Kengeter

Photo via Jochen Zick/action press

Deutsche Boerse, the German stock exchange giant, has appointed a new chief executive as it attempts to move on from the resignation of Carsten Kengeter after accusations regarding insider trading.

According to Reuters, Theodor Weimer will take over as its chief executive, effective January.

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

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

Kengeter is set to leave the group at the end of 2017 after being accused by German authorities of buying shares that are worth €4.5m in Deutsche Boerse two months prior to the announcement of a planned merger with the London Stock Exchange (LSE) Group.

Kenegter denies the accusations, and the board stood by him at first. In February, the board said that it had “full confidence” in the leadership of Kenegter. However, in October, a settlement that was offered to Kengeter by prosecutors was declined by a German court, threatening to lengthen scrutiny on his reign.

Meanwhile, the said merger with the LSE failed after European regulators raised concerns regarding competition.