FRANKFURT (Reuters) - The new chief executive of Deutsche Boerse (DB1Gn.DE) forecast 2018 would be a good year for the German stock exchange operator after a turbulent 2017 marred by an insider trading scandal, a failed merger and a profit warning.
In a memo to staff on Tuesday, Theodor Weimer said: “May it be for our house - Deutsche Boerse - a good year after a turbulent 2017. I’m confident that we as a team will achieve this.”
Weimer’s comments are the first to staff after the former head of UniCredit’s business in Germany took the helm on Monday.
He succeeded Carsten Kengeter, who resigned last year amid an investigation into alleged insider trading that had its roots in the failed merger with the London Stock Exchange. Kengeter denied any wrongdoing.
“We have everything that we need: a one-of-a-kind business model, technology that is valued by others, and a motivated and superbly educated team - to the extent I’ve been able to experience it so far,” Weimer wrote in the memo seen by Reuters.
The changing of the guard comes at an important moment for Deutsche Boerse. It hopes to profit from Britain’s decision to leave the European Union by capturing a portion of the lucrative euro clearing market that is currently centered in London.
Weimer said he would hold a town hall meeting with staff in January. “It’s clear to me that this office that is being transferred to me requires a blend of leadership and instinct, a mix of giving direction and active listening,” he said.
Reporting by Maria Sheahan; Editing by Adrian Croft and Mark Potter