March 9, 2018 / 4:00 PM / 13 days ago

Deutsche Boerse chair Faber stands for reelection amid board revamp

FRANKFURT (Reuters) - Deutsche Boerse’s (DB1Gn.DE) chairman Joachim Faber will seek to stay on for another term, the German exchange operator said on Friday, as it announced a revamp of its board of directors.

FILE PHOTO: Chairman of the supervisory board of Deutsche Boerse AG Joachim Faber delivers a speech at the New Year reception of the German stock market in Eschborn near Frankfurt, Germany January 22, 2018. REUTERS/Kai Pfaffenbach

The company’s supervisory board would grow to 16 members from the current 12, and split its membership evenly between shareholder and employee representatives, abolishing the current bias in favor of shareholder representatives, the company said.

Deutsche Boerse said a larger board would help it deal with increased demands, growth, greater diversity and a more global operation.

Faber’s position as chair had been uncertain after a management reshuffle that followed the resignation last year of former chief executive, Carsten Kengeter, amid allegations of insider trading. Kengeter and the firm denied any wrongdoing.

The board nominated three new shareholder representatives to be ratified at an annual general meeting in May to assume the seats of retiring members.

They include Martin Jetter of IBM’s management board, Barbara Lambert of Banque Pictet’s board, and Joachim Nagel, a member of the management board of KfW Group.

    “The three candidates are a great enrichment to the supervisory board,” Faber said. “They will contribute long-standing international expertise and extensive professional knowledge.”

    The election process is ongoing for employee representatives of board.

    Reporting by Tom Sims; Editing by Edmund Blair

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