BERLIN, May 16 (Xinhua) -- Joachim Faber, chairman of the supervisory board at Deutsche Boerse, hinted on Wednesday that he may be poised to resign from his post following a turbulent year for the Frankfurt-based stock exchange.
Faber is currently running for a new three-year term as chairman at the ongoing Annual General Meeting of Deutsche Boerse. Having first assumed the role in 2012, however, Faber told shareholders of the Dax-listed company that he would "reserve the right" to prepare a "transition" on the supervisory board during the next elective period.
"I do not have an exact date in mind yet," the chairman said.
He has faced growing criticism in connection with Deutsche Boerse's failed acquisition of the rival London Stock Exchange (LSE) in 2017. The deal unraveled as a consequence of Britain's decision to leave the European Union (EU) and the apparent failure of an appropriate contingency plan for the event.
The collapse of the Deutsche Boerse-LSE merger also witnessed the resignation of ex-chief executive officer (CEO) Carsten Kengeter amid accusations of insider trading prior to the first announcement of the deal. The Frankfurt state prosecution office is in the process of investigating the suspicious remuneration package in question received by Kengeter which was approved by Faber and the wider supervisory board.
Kengeter's successor Theodor Weimer has vowed to make far-reaching changes to Deutsche Boerse's personnel structure and strategy after formally joining the company in January 2018. Among others, Weimer wants to lower annual fixed costs by around 100 million euros until 2021 and has announced that he would eliminate up to 50 senior manager posts.
Addressing investors on Wednesday, Weimer expressed confidence that the outlined reforms would make Deutsche Boerse "more efficient" and "more agile."
In Weimer's view, Deutsche Boerse had the potential to grow across all of its units, spanning market data provision, stock trading and services for investment funds. Additionally, the company was still open to make acquisitions where appropriate in spite of the negative experience of the failed Deutsche Boerse-LSE merger.