After 17 years on the executive board of Deutsche Börse AG, almost ten of which as chief executive, Reto Francioni will hand over his post to his designated successor, Carsten Kengeter, on 13 May 2015.
Francioni (pictured) will turn 60 in August 2015. Over the past months the chairman of the supervisory board, Joachim Faber, and the respective supervisory board committees have identified Kengeter as the successor. He will already join as a member of the executive board in April 2015 at the latest and will take over the position of CEO effective 1 June 2015 after the Annual General Meeting 2015. The current deputy CEO, Andreas Preuss, will extend his mandate until 31 May 2018.
Faber says: “We are very pleased that on the one hand we were able to identify, in a concerted, discrete and diligent process, such an experienced and qualified successor for the longstanding CEO of Deutsche Börse AG as Mr Carsten Kengeter, and that, on the other hand, we will enable a smooth transition. We are very grateful to Reto Francioni for his full support in this very important generational change at Deutsche Börse. Mr. Kengeter has extensive and widely recognised experience in the relevant areas of the capital markets and is very convincing. We are certain that Mr Kengeter will lead the Exchange to new and, in particular, international perspectives. At the same time we are pleased that Mr Preuss has agreed to our request to continue to serve the company as Deputy CEO and with his current responsibilities. In this way we will also ensure personal continuity in an integral business area of Deutsche Börse AG.
“As in any change it is regrettable that someone is leaving – especially in this case. Deutsche Börse AG is very much indebted to Reto Francioni. Not only has he led Deutsche Börse AG safely through difficult times. He has also steered the company on the road to success and has always given new and important impulses. Not at least, he opened many promising doors to new business areas and new markets, especially in Asia. He rightly enjoys a very high reputation both inside and outside the industry. I am therefore pleased that we will continue to work together over the next months.”
Francioni says: "Everything must come to an end, even if it's not easy for me to take this step. But I am convinced that it is right, and that it is a good time to do so: Mr Kengeter has been appointed as my successor, significant strategic decisions have been made, the strategic initiatives, especially in regard to the totally new and extremely tough competition of the recent years, are showing effect. There is no better time to make this change. I thank the supervisory board, but particularly my colleagues in the executive board for their full support in this process. This is anything but self-evident and emphasises the special quality of the company and its management. I look forward to the upcoming months. This company and its employees are something very special."
Kengeter (47) is a German capital market expert who, as a managing director and partner at Goldman, Sachs & Co, was responsible for various areas within the pensions, currencies and commodities department for 12 years. From 2005 to 2008 he co-headed the Asian trading business of the bank. At the end of 2008 he took over responsibility for FICC (fixed income, currencies, commodities) at UBS AG. At the beginning of 2009, he was the co-CEO of the UBS Investment Bank and from 2010 to 2012 he was chairman and CEO. He was a member of the UBS Group Executive Board and built up – as centrepiece of the new strategy of the bank – the area Non-Core and Legacy. Kengeter left UBS in mid-2013 and since then has been involved as Visiting Professor in the Department of Finance at the London School of Economics and in the Financial Markets Group and the Systemic Risk Centre.