Deutsche Börse on Friday announced the promotion of Stephan Leithner as its new chief executive officer.

Leithner, a member of the German exchange’s executive board since 2018, will take up his new position on 1 October. He will initially serve alongside current chief exec Theodor Weimer until the end of the year, before Weimer’s contract expires at the end of 2024.

The company said that Leithner’s current areas of responsibility include the Investment Management Solutions segment with ISS STOXX and SimCorp along with its post-trading business with Clearstream. A decision on his succession will be made in due course, it added.

Leithner is a well known face in the German financial sector. From 2016-18 he served as partner of leading private equity firm EQT, and previously spent a decade and a half at Deutsche Bank, culminating in a board role.

Martin Jetter, chairman of the supervisory board of Deutsche Börse AG, said: “Stephan Leithner is a proven and recognised expert in the capital markets to be CEO. He knows the global exchange landscape and understands the needs of our clients.

“In recent years, Stephan Leithner has played a significant role in the strategic development of the company. We are convinced that Stephan Leithner has all the prerequisites to continue Deutsche Börse's successful development.”

Jetter praised the outgoing Weimer for his leadership “out of a period of deep uncertainty” and steering the group to become “once again a self-confident company that enjoys a high level of public trust.”

The company had faced public scrutiny since its failed merger of the London Stock Exchange, but Weimer managed to guide the company to stability via smaller deals.

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