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Lanxess Names Former CFO Zachert as New Chief Executive

Chemical maker Lanxess AG, the second-worst performer on Germany’s DAX index last year, named Merck KGaA finance chief Matthias Zachert as CEO, displacing Axel Heitmann. Lanxess stock rose the most in more than two years while Merck fell the most in more than four.

Zachert will start by May 15, the Cologne, Germany-based company said yesterday. Heitmann will leave on Feb. 28 and Finance Chief Bernhard Duettmann will act as chief executive officer in the interim. Zachert was previously Lanxess’ chief financial officer and left that job in 2011 to join Merck.