Celesio Stock Rises After Magazine Reports New Chief Appointed

Celesio AG, Europe’s biggest drug wholesaler, rose the most in four months in Frankfurt trading after Manager Magazin reported the company had chosen a new chief executive officer.

Celesio jumped as much as 4.7 percent to 13.36 euros in the biggest intraday gain since Feb. 24, and was up 4.1 percent as of 3:54 p.m.

The drug wholesaler will appoint Markus Pinger, an executive at German skin-cream maker Beiersdorf AG, to replace Fritz Oesterle, who steps down as Celesio CEO this month, Manager Magazin cited unidentified people close to the situation as saying. Jens Schreiber, a spokesman for Stuttgart, Germany-based Celesio, didn’t immediately return two phone messages seeking comment.

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