March 24, 2017 / 11:19 AM / 6 months ago

Deutsche Boerse extends finance head's contract

Picture shows the inside of the new Deutsche Boerse Group headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - German exchange operator Deutsche Boerse (DB1Gn.DE) has extended the contract of finance head Gregor Pottmeyer by five years until 2022, it said on Friday.

The move comes amid the company’s failure to merge with the London Stock Exchange (LSE.L), which the European Commission is expected to shortly veto, after the companies declined to accede to its demands.

While keeping Pottmeyer on board provides stability needed to convince investors about an alternative strategy after the failed deal, Deutsche Boerse’s board is expected to see some changes later this year.

The contract of Jeffrey Tessler, who heads the company’s cash cow derivatives trading, clearing and settlement business, expires at year-end. The manager, aged 62, is not expected to seek an extension of his contract, people close to the company said.

The contract of Chief Executive Carsten Kengeter expires in March 2018, while that of his deputy Andreas Preuss runs until Mai 2018.

Reporting by Andreas Kröner; Writing by Arno Schuetze; Editing by Harro ten Wolde

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