Deutsche Börse Chief to Step Down in 2006

Werner Seifert, the controversial chief of German stock market operator Deutsche Börse, has promised rebel shareholders that he will step down when his contract runs out in 2006, the weekly newsmagazine Focus reported on Monday. In addition, Seifert's ally on the group's supervisory board, chairman Rolf Breuer, will also resign at the same time, the magazine said. In return for Seifert's pledge, the big investment funds that threw a spanner in the works of his plans for Deutsche Börse to take over the London Stock Exchange had agreed not to disrupt the group's annual meeting on May 25, the magazine said. The Frankfurt stock exchange has recently been trying to assuage its rebel shareholders by promising a share buyback and seats on the supervisory board.