Uploaded May 2026 | Updated September 2026, 2 weeks ago

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Just months into his first CEO role, Stéphane Boujnah chose to fight.

A proposed merger between the London Stock Exchange and Deutsche Börse threatened to dwarf Euronext, and Boujnah rejected what he saw as the safer option of adapting to a new market reality.

"I decided that we would kill this transaction."

In the latest episode of Executive Decisions with Steve Sedgwick, Boujnah reflects on the isolation that comes with taking on larger rivals, challenging the consensus and making decisions that are emotionally difficult, not just intellectually complex.

#CNBC #CNBCPodcast #ExecutiveDecisions

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