Kurt F. Viermetz
Kurt F. Viermetz was an international banker, arts patron, author and exchange chairman. He died in 2016 at the age of 77 after a serious illness.[1] He served as the chairman of the Deutsche Boerse. He was also a member of the supervisory board of KfW IPEX-Bank GmbH. Viermetz was an honorary citizen of Augsburg. He served as chairman of the University of Augsburg from 2002 to 2007.[2] The Kurt and Felicitas Viermetz Foundation is a patron of the arts.[3] He was the author of "Magie der Markte: Meine Geschichte als internationaler Banker, "Magic of the Markets: My history as an international banker."[4] Background[edit]Viermetz was born in 1939, the son of a merchant in Augsburg. He was trained as a banker.[5] He was a cultural advocate for Augsburg.[6] He started his career as a foreign exchange trader at Deutsche Bank in 1960. He joined JPMorgan in 1965, and was appointed treasurer of JPMorgan in New York in 1985, before becoming vice chairman of the managing board and the supervisory board in New York in 1990. Following retirement from this executive post in 1998, he was a regular director of the board for J.P. Morgan & Co, New York/USA from 1998 to 1999. He then became chairman of the supervisory board of Bayerische Hypo- und Vereinsbank AG, Munich, and deputy chairman as of 2002 in preparation for the spin off of Hypo Real Estate Holding AG in mid-2003. When the commercial real estate financing activities of the HVB Group were spun off to the new Hypo Real Estate Group, Viermetz became chairman of the supervisory board in September of 2003. Viermetz also held supervisory board positions at HOECHST AG, METRO Company, VEBA AG, Grosvenor Estate Holdings Ltd. and E.ON-Ruhrgas AG.[7] Viermetz held several advisory positions, including acting as a member of the International Advisory Committee of the Federal Reserve Bank of New York. Viermetz, a former JPMorgan Chase banker, was Deutsche Boerse chairman from 2005 to 2008. He became chairman after the 2005 annual meeting at which TCI and Atticus forced out the then chief executive, Werner Seifert, following Deutsche Boerse's failed takeover bid for the London Stock Exchange.[8] TCI and fellow hedge fund Atticus Capital jointly controlled around 19 percent of the voting rights in the Deutsche Boerse. In October of 2008, TCI wrote a letter seeking the removal of Viermetz. TCI and Atticus had previously threatened to call for boardroom changes if Deutsche Boerse didn't urgently consider ways to increase shareholder value.[9] TCI demanded an emergency shareholder meeting to seek the immediate removal of Viermetz from his position.[10]Within weeks, Viermetz announced he would step down.[11] Education[edit]Resources[edit]References[edit]
|
 @JohnLothian Twitter Feed
We visit more than 100 websites daily for financial news (Would YOU do that?). Read the John Lothian Newsletter.
| ||