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Deutsche Börse supervisory chairman may not finish full term if re-elected

Joachim Faber, Deutsche Börse AG's supervisory board chairman, signaled that he may not finish his full term should he be re-elected to his current post.

He said during the German stock exchange operator's annual general meeting May 16 that he should have the right to prepare for a transition in chairmanship during the next term, but said a time frame for a transition period has not yet been determined.

The remarks come amid criticism that Faber shares the blame for management lapses in the company, Reuters reported. In October 2017, Carsten Kengeter resigned as CEO of Deutsche Börse amid allegations of insider trading. Now shareholder adviser Hermes EOS and other investors have reportedly said Faber should follow suit.

While Hermes EOS called for Faber's re-election, it said he should not serve his full three-year term, the newswire wrote. "We expect him to provide clarity on his succession by the time of the AGM in 2019," the shareholder adviser said.

Faber's handling of the botched merger with London Stock Exchange Group PLC also drew flak from shareholders, the report noted.

In late April, Deutsche Börse unveiled a new strategic plan, dubbed "road map 2020," aimed at accelerating growth and increasing investments in new technologies.

Meanwhile, Deutsche Börse's shareholders approved a proposal to increase the number of the members of its supervisory board to 16 from 12.

They also elected Martin Jetter, Barbara Lambert and Joachim Nagel to the board, replacing three outgoing board members. Jetter is currently senior vice president for global technology services at IBM, while Lambert is former group chief risk officer at Banque Pictet & Cie SA. Nagel held several senior positions at the German central bank between 1999 and 2016.