Deutsche Boerse combines management of stocks, derivatives units
FRANKFURT Nov 27 (Reuters) - Deutsche Boerse said on Tuesday it would combine its stocks and derivatives divisions, which have been hit by lacklustre trading, under one management.
Rainer Riess, managing director with responsibility for the cash market, will hand over responsibility to deputy chief executive Andreas Preuss at end-2012, the stock exchange said in a statement.
Deutsche Boerse, the operator of the Xetra stock exchange and Eurex derivatives market, was forced last month to abandon its 2012 revenue and profit targets as lower market volatility caused a slump in trading of stocks and derivatives.
Rainer Riess will leave the company effective 30 June 2013 by mutual consent to devote more time to pursue his personal interests, Deutsche Boerse said.
Reto Francioni, CEO of Deutsche Boerse Group, said: "Rainer Riess has been a driving force behind the development of Deutsche Boerse Group's cash market businesses. We would like to thank him for his tremendous commitment to the company."
Deutsche Boerse added that executive board member Frank Gerstenschlaeger, has opted not to extend his contract when it expires on 31 March 2013. (Reporting By Edward Taylor; Editing by Sophie Walker)