DEUTSCHE Boerse’s chief executive Reto Francioni should step down following the collapse of its $7.4bn (£4.7bn) plan to merge with NYSE Euronext, a member of the German exchange operator’s supervisory board told a newspaper.
“The question needs to be asked whether there have to be consequences (for management),” Johannes Witt, a board member representing the interests of labour, told German weekly Euro am Sonntag.
“Can someone who wanted to change the status quo by finding a partner only to see that (deal) collapse still lead this company into the future?”
Francioni’s term ends after December 2013, and contract extensions for CEOs in Germany are often agreed about a year in advance.
Last Thursday, Boerse and NYSE terminated their merger plans after the European Commission blocked the deal to prevent handing the combined group a “near monopoly”.
Boerse’s labour leaders had undermined its campaign to convince German regulators a deal strengthened Frankfurt’s role as a financial centre when they urged shareholders to reject the deal, fearing key responsibilities would be moved to New York.
