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Celesio Stock Rises After Magazine Reports New Chief Appointed

June 22 (Bloomberg) -- 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.

To contact the reporter on this story: Allison Connolly in Frankfurt at aconnolly4@bloomberg.net.

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net.

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