FRANKFURT (Reuters) - Shareholder adviser Hermes EOS has called for the re-election of Deutsche Boerse’s (DB1Gn.DE) Chairman Joachim Faber for a limited period to allow an orderly succession at the top of the German exchange operator.
Deutsche Boerse shareholders will meet on Wednesday to discuss a turbulent year, in which the group became entangled in an insider trading scandal, saw a planned merger with its London counterpart fail and issued a profit warning.
Hermes said it backed Faber’s re-election for three years.
“At the same time, we request Mr Faber to not serve for the full three-year term. We expect him to provide clarity on his succession by the time of the AGM in 2019,” the influential shareholder advisor said.
“The company needs to move on ... and this requires further renewal in the supervisory board and a new chair.”
Theodor Weimer, who took over as chief executive on Jan. 1, announced plans last month that involve accelerated growth in “selected business areas” and increased investment in new technologies, with cost cuts funding the growth and investments.
Reporting by Arno Schuetze; Editing by Edmund Blair