Deutsche Boerse is changing its management structure with the aim of improving the Group’s focus on customer requirements and further increasing efficiency, says the company. Deutsche Boerse positions itself along the three market areas cash market, derivatives market and securities settlement and custody, and streamlines decision-making processes. The new structure will be implemented in the second quarter of 2007.
Each market area will be represented by one member of the Executive Board accountable for financial performance. Overall, the Executive Board under the leadership of CEO Reto Francioni will consist of six members, including the CFO and the Executive Board member responsible for IT.
Frank Gerstenschlger will be responsible for the new cash market unit; he was appointed by the Supervisory Board of Deutsche Boerse on Monday with effect from 1 April 2007. Andreas Preu and Jeffrey Tessler will maintain their positions of responsibility for derivatives/clearing and securities settlement/custody respectively, and Michael Kuhn remains responsible for IT.
The CFO position will be filled in a timely fashion and in the meantime Francioni is covering the area in addition to his own duties. The position of a Chief Operating Officer is to be dispensed with. The Supervisory Board on Monday approved the resignation of Matthias Ganz and Mathias Hlubek as members of the Executive Board.
“The new management structure will reinforce the Group’s successful integrated business model and increase our impact,” said Francioni.
Deutsche Boerse is also reorganising its decision chains with the new management structure. In the past, decisions relevant to the market were made in a committee structure. In the future they will be made in the respective market areas where they will be implemented and under whose area of responsibility they fall. Cross-divisional, strategic and other major decisions will be made by the Executive Board.