Swiss Stock Exchange Relieves Chairman After Approach From Deutsche Börse
The Swiss Stock Exchange announced on Wednesday that it had relieved Dr. Reto
Francioni from the post of Chairman of the Exchange's Board of Directors as a
result of his nomination for the chairmanship of the Deutsche Börse, the
German stock exchange.
Dr. Francioni was last week recommended to replace Werner Seifert, who resigned
as chief executive of the Deutsche Börse in May. It is thought that his
departure from the SWX has come about because of a possible conflict of interest
resulting from his likely move to one of the Swiss bourse's main competitors. In a statement, the SWX explained that: "The Board of Directors of the
SWX Group has taken note that Dr. Reto Francioni, to date Chairman of the Board,
has been nominated for the office of chairman of Deutsche Börse AG and
will stand for election by its supervisory board." The SWX went on to add that: "In the interest of proper procedure, the
Board has relieved its former Chairman of all his previous obligations with
immediate effect. Also with immediate effect and until a successor is elected,
the Board will be headed by its current Vice Chairman, Jacques de Saussure." Commenting on the decision, Mr. de Saussure noted that the replacement of Dr.
Francioni as Chairman was "completely normal process." "We very much look forward to collaborating with him in his new function,"
said Mr. de Saussure. In a personal communiqué, Dr. Francioni proposed the former Head of
the SWX Executive Committee, Ms Antoinette, as his successor to the chair of
the Board of Directors, although the SWX Board said that it may also consider
other candidates for the post. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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