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New boss on the floor: the designated Deutsche Börse boss Stephan Leithner, here at an event in Shanghai in 2023

Photo: wujun / VCG / IMAGO

Former investment banker Stephan Leithner becomes the new head of Deutsche Börse.

The native Austrian is to manage the Frankfurt stock exchange operator for three months from October together with Theodor Weimer.

At the turn of the year, Leithner will take over as Weimar's successor, as the stock exchange announced on Friday.

The 57-year-old Leithner gets a five-year contract.

He came to Deutsche Börse in 2018 from the financial investor EQT and heads the “Pre- and Post-Trading” department with the securities processor Clearstream.

Leithner made a name for himself as an investment banker at Deutsche Bank, where he later became head of human resources.

2022 highest paid DAX manager

Weimer will be 65 years old in December and announced his retirement in the summer.

“Others have to take it,” he said at the time.

The company needs “fresh blood”.

In 2022, thanks to a bonus payout, he was the highest-paid CEO in the DAX.

Weimer is also a trained investment banker.

Before moving to Deutsche Börse in 2018, he led the Munich-based HypoVereinsbank for almost a decade.

At times, Weimer was also considered a possible chairman of Deutsche Bank's supervisory board.

As CEO, he made Deutsche Börse more independent of the ups and downs on the financial markets.

With the takeover of the shareholder advisor ISS and the Danish financial software company SimCorp, services for investors are increasingly becoming the focus of the strategy.

According to his own statements, Supervisory Board Chairman Martin Jetter had been looking internally and externally for a successor to Weimer.

“With Stephan Leithner, a proven and recognized capital markets expert will take over as chairman of the board,” said Jetter on Friday.

»He knows the global stock market landscape and he knows the needs of our customers.«

Leithner has helped shape the strategy in recent years.

Weimer gave the group new self-confidence after his predecessor Carsten Kengeter stumbled upon an insider affair.

»In 2018, Theodor Weimer was faced with the task of leading Deutsche Börse out of a time of deep uncertainty.

He and his team solved this task brilliantly,” said Jetter.

beb/Reuters