 The markets welcome Reto Francioni's appointment |
German stock exchange Deutsche Boerse has named Reto Francioni as its new chief executive. Mr Francioni, formerly the chairman of the Swiss stock exchange SWX, will take over on 1 November.
His appointment followed a lengthy search that started when Werner Seifert resigned in May.
His ousting, following pressure from investors opposed to his bid for London Stock Exchange, sparked a debate about shareholder power in corporate Germany.
Hedge fund investors in particular want Deutsche Boerse, which is the most profitable stock exchange in Europe, to return more cash to its shareholders.
The bourse has given in to the pressure and has said it will do so.
By May 2007, 1.5bn euros will be paid to shareholders, the exchange has vowed.
Deutsche Boerse also announced that Kurt Viermetz will replace Rolf Breuer as the chairman of its supervisory board.
Some industry observers expect the German exchange to merge with its Swiss counterpart, thus creating a new giant in Europe's stock exchange landscape.
Investors welcomed Deutsche's latest appointments, sending its shares up 2%.
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