Kengeter steps down as Deutsche Boerse CEO
26 October 2017 Frankfurt
Image: Shutterstock
Carsten Kengeter is to step down as CEO of Deutsche Boerse, amid the ongoing investigation into insider trading activity.
Kengeter, who has been CEO since 2015, will step down from his post at the end of December 2017.
In September, Deutsche Boerse attempted to settle the investigation with the Frankfurt Public Prosecutor, offering to pay fines totalling €10.5 million, without admitting guilt for violation of capital market rules around insider trading.
However, the settlement was not accepted.
According to Deutsche Boerse, Kengeter has taken the decision to step down in order to allow the financial service to focus on business, clients and growth, and to avoid further burdens caused by the ongoing investigation.
Deutsche Boerse has not commented on who will replace Kengeter.
Kengeter said: “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. Until the end of the year, I will contribute to an orderly transition. I would like to thank the supervisory board and the employees for the trust they have expressed in me.”
Joachim Faber, chair of the supervisory board at Deutsche Boerse, commented: “I very much regret Carsten Kengeter’s decision, but I also have great respect for it. Since taking office, Carsten Kengeter has achieved a lot for Deutsche Boerse. This is why I would like to thank him sincerely for his contributions and wish him all the best for his future.”
Kengeter, who has been CEO since 2015, will step down from his post at the end of December 2017.
In September, Deutsche Boerse attempted to settle the investigation with the Frankfurt Public Prosecutor, offering to pay fines totalling €10.5 million, without admitting guilt for violation of capital market rules around insider trading.
However, the settlement was not accepted.
According to Deutsche Boerse, Kengeter has taken the decision to step down in order to allow the financial service to focus on business, clients and growth, and to avoid further burdens caused by the ongoing investigation.
Deutsche Boerse has not commented on who will replace Kengeter.
Kengeter said: “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. Until the end of the year, I will contribute to an orderly transition. I would like to thank the supervisory board and the employees for the trust they have expressed in me.”
Joachim Faber, chair of the supervisory board at Deutsche Boerse, commented: “I very much regret Carsten Kengeter’s decision, but I also have great respect for it. Since taking office, Carsten Kengeter has achieved a lot for Deutsche Boerse. This is why I would like to thank him sincerely for his contributions and wish him all the best for his future.”
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