Euronext extends CEO Boujnah’s tenure until 2027

Stéphane Boujnah

By Mark McSherry

Euronext announced that its AGM approved the reappointment of Stéphane Boujnah as CEO and chairman of its managing board for a four-year mandate.

The resolution was approved by 98.21% of shareholder votes cast.

Boujnah, 59, joined Euronext in November 2015 as CEO and chairman of the managing board.

“Since then he has significantly increased the operating performance and diversification of the group,” said Euronext.

“He has realised an ambitious expansion strategy to establish Euronext as the Europe’s leading market infrastructure.

“As a result, Euronext now manages activities across the entire capital markets value chain, operating under a highly scalable and diversified model.”

Piero Novelli, Chairman of the Supervisory Board of Euronext, said: “Over his past mandate, Stéphane has significantly transformed the group while building a more profitable and sustainable Euronext.

“I am delighted that Euronext’s shareholders share the view of the Supervisory Board that Stéphane Boujnah will be critical in managing Euronext in the coming four years as we continue to build the leading European market infrastructure.

“We are confident that, under the management of Stéphane Boujnah and the Euronext management team, Euronext will pursue its ambition to shape capital markets for future generations.”

Before joining Euronext, Boujnah was Head of Santander Global Banking and Markets for continental Europe. From 2005 to 2010, he was Managing Director at Deutsche Bank responsible for the development of the investment banking operations in France. Previously, he founded KM5 Capital, an advisory company specialised in equity raising and M&A advice for venture capital funds and innovative technology companies.

From 2000 to 2002, Boujnah was Director of the European M&A team of Credit Suisse First Boston Technology Group in Palo Alto and London. From 1997 to 1999, Mr Boujnah was senior adviser to the French Minister for the Economy, Finance and Industry. He began his career in 1991 as a business lawyer at Freshfields.

Boujnah said: “I would like to thank our shareholders and Euronext’s Supervisory Board for their renewed trust …

“I look forward to working together with all the teams at Euronext to deliver on our ‘Growth for Impact 2024’ strategic plan and to prepare the next strategic cycle.

“We are enthusiastic to consolidate the Group’s role as a key player in strengthening Europe’s capital markets.”

Euronext added: “Since his arrival, Euronext has displayed a strong track record in M&A with close to €6bn invested.

“Mr Boujnah has thereby successfully expanded Euronext’s federal model to three new markets, Ireland, Norway and Italy.

“At the same time, he has extended the group’s value chain to clearing, with the European expansion of Euronext Clearing, and to settlement with Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

“Mr Boujnah has also broadened the range of asset classes covered with Euronext FX in currencies, Nord Pool in energy, Fish Pool in agricultural commodities and MTS in fixed income, and he has extended Euronext’s corporate services offering

“As a result, Euronext now manages activities across the entire capital markets value chain, operating under a highly scalable and diversified model.”

Euronext said that since its IPO in 2014, the EBITDA margin of the group has grown from 42% to 58.8% in 2022 while more than €940 million has been distributed in dividends.

“Over the same period, the top line of Euronext grew from €458m in 2014 to more than €1.4bn in 2022,” said Euronext .

“The market capitalisation of the group increased from €1.4bn at IPO to €7.4bn at the end of December 2022.

“Since Mr Boujnah’s renewal as CEO and Chairman of the Managing Board in 2019, Euronext doubled its annual revenue and increased its market capitalisation by 1.5 times.

“Euronext has a unique track record of integration and operational leverage, achieving more than €180m of synergies over the course of its strategic plans implemented under Mr Boujnah’s management …

“With the acquisition of Borsa Italiana Group, Mr Boujnah has established Euronext as the largest listing venue in Europe, attracting the majority of European and international listings, with an aggregated market capitalisation of companies listed on Euronext markets twice the one of LSEG and three times that of Deutsche Börse.

“Building on the success of the Borsa Italiana transaction to reinforce its strategic autonomy and leadership, the group has engaged a profound transformation since 2021.

“This has included unprecedented migration projects, most notably the June 2022 transfer of the Core Data Centre from Basildon (UK) to the European Union in Bergamo (Italy), accomplished in less than 16 months.

“On 27 March 2023, Italian capital markets joined Euronext’s single trading platform Optiq, creating the largest liquidity pool and the largest trading venue in Europe, with 25% of the European lit continuous and auction equity trading, a total of €11.7bn of ADV  (more than twice LSEG’s and Deutsche Börse’s ADV ).

“In addition, by 2024, Euronext Clearing will become the clearing house for the entire Euronext trading activity, marking a major step towards a fully integrated capital market infrastructure.”