Deutsche Börse appoints Thomas Eichelmann CFO; discloses $2.8bn ISE bid
01 May 2007 | 5318 views | 0
Deutsche Börse has appointed Thomas Eichelmann as its new chief financial officer (CFO), replacing Mathias Hlubek who quit the German exchange in March.
Eichelmann, 41, currently works for Roland Berger Strategy Consultants. The Börse says it is in discussions with the consultancy regarding when Eichelmann can take up his new role.
Eichelmann joined Roland Berger in 2000 as partner and was appointed member of the worldwide executive board in 2003. He is currently responsible for the firm's financial services competence centre and human resources unit.
Before joining Roland Berger, Eichelmann worked as senior manager for Bain & Company in Munich. From 1994 to 1997 he worked as a consultant for the Boston Consulting Group in Frankfurt.
Eichelmann replaces Hlubek at Deutsche Börse who quit the Börse last month along with chief operating officer Matthias Ganz. Their departures signalled a cultural shift at the exchange, which has been under pressure to revamp its operations and spin off its clearing and settlement businesses after failing to find a merger partner.
However news of Eichelmann's appointment follows disclosure of Deutsche Börse's plans to acquire New York-based International Securities Exchange (ISE) in a deal worth $2.8 billion.
Deutsche Börse will pay $67.50 per share for the electronic exchange, which is a 48% premium to the stock's closing price on Friday.
The Börse says it plans to acquire ISE through its majority-owned Eurex subsidiary, although ISE will operate as a separate unit under US regulations.
The German exchange will contribute 85% of the total purchase price, with its Eurex partner SWX Swiss Exchange putting in the rest. Deutsche Börse says the deal is expected to create $50 million in synergies, mainly in efficiency gains and cross selling opportunities.
Commenting on the takeover deal, Deutsche Börse CEO Reto Francioni, says: "The agreement is a strategic mile-stone for us that will further fuel our strong growth prospects and create significant value for shareholders."