Rainer Riess, managing director of Deutsche Boerse AG (DB1) and deputy chairman of the Frankfurt Stock Exchange, will leave after 24 years at the company.
Riess, 46, will hand over responsibility for the firm’s equity-markets business on Dec. 31, the Frankfurt-based company said in an e-mailed statement today. Andreas Preuss, deputy chief executive officer of Deutsche Boerse, will oversee the unit in addition to derivatives.
The executive, who ran the equities business on a day-to- day basis, represented Deutsche Boerse at international conferences and at the Federation of European Securities Exchanges, the industry’s trade group. Riess’s departure follows the announced retirement of Frank Gerstenschlaeger, an executive board member who will leave on March 31.
“It’s always been possible to have a robust intellectual debate with him,” said Niki Beattie, former managing director at Merrill Lynch & Co. and a founder of the Turquoise alternative trading system. “He’s always been a pleasure to deal with even if you didn’t agree with him. He has been very good at putting forward the exchange case and it seemed to come from his mind and heart, not merely a corporate point of view.”
Beattie is now chief executive officer of Market Structure Partners Ltd., a London-based consulting firm, and has known Riess for about 15 years.
Riess will formally depart on June 30 next year, the exchange said, adding he “leaves the company in best mutual consent in order to devote more time to pursue his personal interests.”
Raised partly in the U.S., Riess studied at Johann Wolfgang Goethe University in Frankfurt and went to business school at the University of Miami.
“Riess has been a driving force behind the development of Deutsche Boerse Group’s cash-market businesses,” Reto Francioni, chief executive officer of Deutsche Boerse, said in an e-mailed statement today. “We would like to thank him for his tremendous commitment to the company.”
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