British lord steps down from Deutsche Boerse board

26th April 2005, Comments 0 comments

26 April 2005, FRANKFURT - Former lord mayor of London Lord Peter Levene has unexpectedly stepped down from the Deutsche Boerse supervisory board.

26 April 2005

FRANKFURT - Former lord mayor of London Lord Peter Levene has unexpectedly stepped down from the Deutsche Boerse supervisory board.

According to an announcement made by the company on Monday, Lord Levene told supervisory board chairman Rolf Breuer in a letter that the original reason for his joining the board was to provide advice in the company's attempts to buy the London Stock Exchange. "Since this transaction is no longer proceeding, I believe that my contribution to the Board will be much more limited," said the British lord, who joined the supervisory board in 2004 and who is also chairman of the insurers Lloyd's.

Lord Levene added that he had agreed to join the board on the basis that there were four meetings per year. "I now find that the demands are considerably greater than this and have reached a level which sadly I cannot meet. In the circumstances therefore, I hope that you will understand my position."

Rolf Breuer commented, "I regret Lord Levene's decision that was taken against the background of limited time resources," adding that he wanted to thank Lord Levene for his contribution to the work of the Deutsche Boerse supervisory board.

A spokesperson for Deutsche Boerse said on Tuesday that they could not make any statement regarding a possible successor to Lord Levene, according to a report in the Sueddeutsche Zeitung newspaper. Members of the 21-strong supervisory board are reported to have said there is currently no candidate for a successor.

The supervisory board called Levene last week to be part of a three-person committee which was supposed to attempt a dialogue with the hedge fund TCI (The Children's Investment Fund), which is currently in a dispute with Deutsche Boerse, of which it is a major shareholder.

TCI strongly opposed the proposed takeover of the London Stock Exchange by Deutsche Boerse. The hedge fund has also had the possible voting out of supervisory board chairman Rolf Breuer added to the agenda for Deutsche Boerse's annual general meeting on 25 May.

TCI declined to comment on Lord Levene's departure from the board.

[Copyright Expatica News 2005]

Subject: German news

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