German exchange group Deutsche Börse will reportedly nominate 66-year old Manfred Gentz, the former finance chief of carmaker Daimler, as the chairman of its supervisory board. If appointed, he will replace Kurt Viermetz, who resigned last month after coming under pressure from two activist hedge funds, in part because of his age.

Gentz served as chief financial officer of Daimler-Benz and Daimler-Chrysler between 1995 and 2004 and is the most likely candidate to replace incumbent Viermetz due to his "expertise, personal independence and public recognition," according to a member of the exchange's 21-strong oversight committee, cited by German newspaper Euro am Sonntag.