Deutsche Boerse chairman Joachim Faber to step down next year

Deutsche Boerse chairman Joachim Faber is to step down following the stock market group’s annual general meeting in 2020, it announced today.

Read more: Deutsche Boerse profits plunge and outlook for 2019 'more subdued'

The news comes two years after the Frankfurt-based group failed to merge with the London Stock Exchange (LSE) and only months after Deutsche Boerse agreed to pay out millions to end an insider trading case relating to the botched deal.

Faber told the group’s annual general meeting in May 2018, where he was re-elected chairman, that he would not serve another three-year term. The move followed accusations that he was partly responsible for Deutsche Boerse’s recent failings.

In January, former Deutsche Boerse chief executive Carsten Kengeter agreed to pay €4.8m (£4.3m) to end an insider trading probe stemming from the merger. The boerse was charged €10.5m over the case.

Deutsche Boerse said profit fell 35 per cent in the fourth quarter of 2018, and that its outlook for 2019 had become “more subdued” due to a global slowdown. The company's profit rose 17 per cent in 2018, however.

Read more: Prosecutors drop insider trading probe into former Deutsche Boerse boss

A successor to Faber has not yet been named. Deutsche Boerse said it will “inform the capital market and the public of the succession of Joachim Faber in due course in accordance with the legal requirements”.