Chief exec in waiting quits Euronext

PAN-European stock exchange Euronext today announced the departure of George Moller, who had been scheduled to replace chief executive Jean-Francois Theodore.

Theodore's contract has been renewed until 2007. Moller was group chief operating officer. As chief executive of the Amsterdam Stock Exchange he brought about its merger with the Paris and Brussels bourses three years ago. He is to be replaced by an executive of Dutch origin who, said Euronext, is yet to be recruited.

Under Euronext's articles of association, the executive chairmanship is supposed to rotate between senior executives from its trading platforms and the Netherlands was to have provided the next chief. But in a meeting late yesterday in Brussels, the board chose instead to extend Theodore's contract.

The supervisory board, under chairman Jan-Michiel Hessels, said three considerations were paramount: to continue developing Euronext as a leading exchange, 'the strategic and management qualities required under present market conditions, and the merger agreement of September 2000.

The announcement accompanied third-quarter figures that showed revenues up 1.4% in the first nine months to e757m and profit before tax down 16.4% to e203m.