Deutsche Börse managing director and head of the Xetra cash equity market Rainer Riess will end his 24-year career with the company midway through 2013.
He will officially hand over responsibilities for the group’s cash market on 31 December and will formally step down on 30 June next year.
The Xetra division and derivatives business will be jointly managed by deputy CEO Andreas Preuss from next year. Frank Gerstenschläger, the executive board member responsible for Deutsche Börse’s cash market, has also opted not to extend his contract when it expires on 31 March 2013.
Riess’ planned exit was of mutual consent between himself and the firm and will enable him to devote more time to pursue his personal interests, the group said.
Riess successfully steered Deutsche Börse's equity franchise through the introduction of secondary markets competition via MiFID and is an active participant in industry initiatives.
Dr Reto Francioni, CEO of Deutsche Börse Group praised Riess for his stewardship of Xetra through a period of volatility.
“Rainer Riess has been a driving force behind the development of Deutsche Börse Group's cash market businesses. We would like to thank him for his tremendous commitment to the company,” said Francioni.