Deutsche Boerse AG (DB1.XE) on Thursday said Chief Executive Carsten Kengeter is resigning effective Dec. 31, with investigations into alleged insider trading against him to continue.
Mr. Kengeter offered to step down "to allow the company to focus its energy back onto clients, business and growth and to avoid further burdens caused by the ongoing investigation," Deutsche Boerse said.
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Mr. Kengeter's contract would have ended in March 2018. He has been under pressure since earlier this year, when prosecutors launched an investigation into alleged insider trading related to the company's proposed merger with London Stock Exchange PLC (LSE.LN), which later collapsed. The investigation focuses on whether secret merger talks with the LSE were already in progress when Mr. Kengeter bought shares in his company in late 2015.
The resignation comes after a Frankfurt court this week refused a proposed settlement to drop investigations against Mr. Kengeter and returned the case to the public prosecutor.
Plans to merge Deutsche Boerse with LSE were announced in February 2016 but the 28 billion euros ($33 billion) deal collapsed in March 2017 when the European Union blocked it fearing the deal would effectively create a monopoly.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
October 26, 2017 09:51 ET (13:51 GMT)