Deutsche Börse AG's supervisory board nominated IBM Europe executive Martin Jetter to succeed Chairman Joachim Faber.

Faber, who has been chair of the German stock exchange operator since 2012, said around the time of his last re-election in May 2018 that he may not finish his full three-year term on the board. He will resign from the board at the end of the company's annual general meeting on May 19, 2020.

Jetter, a member of Deutsche Börse's supervisory board, currently serves as senior vice president and chairman of IBM Europe and is a member of International Business Machines Corp.'s senior management board.