Germany’s Deutsche Boerse in a state of flux amid insider trading scandal
Shareholder adviser says chairman Joachim Faber should pave the way for a successor following 'management missteps'
Frankfurt — The chairman of Deutsche Boerse’s supervisory board said on Wednesday he would not insist on serving another full three-year term amid criticism that he is partly to blame for management missteps. Shareholder adviser Hermes EOS and other investors have said Joachim Faber should pave the way for a successor after the company’s former CEO stepped down in 2017 amid an ongoing insider trading investigation. "I reserve the right to prepare for a transition in the chairmanship of the supervisory board during the next term of office," Faber told shareholders at the company’s annual general meeting, where he was up for re-election. He did not elaborate on the timing of the transition. The German stock exchange operator is seeking to open a new chapter after it became entangled in the insider trading scandal, a failed merger with the London Stock Exchange (LSE), and a profit warning in 2017. Theodor Weimer, who took the reins on January 1 as the company’s new CEO, told shareholde...
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