LSE bid costs Deutsche Börse CEO his job

The boss of Deutsche Börse has lost his job over the failed takeover bid for the London Stock Exchange. Chief Executive Werner Seifert has agreed to step down after a long and bitter battle with major shareholders who were always opposed to the takeover. The investors felt the amount being offered for the LSE was too high.

Instead they wanted that money to be returned to shareholders in the form of a higher dividend and a share buyback. During his 12 years as chief executive, Seifert turned Deutsche Börse into a public company with a market value over double that of its nearest European rival. He also boosted revenue more than fivefold and attracted over 10,000 companies to list their shares in Frankfurt The exchange said a new chairman will be recruited from outside the company. The man who has to find a replacement is Rolf Breuer. He has also resigned as chairman of the supervisory board and will step down at the end of this year. Deutsche Boerse’s stock rose over 3% after the announcement of Seifert’s departure.

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