Why Euronext CEO Stéphane Boujnah fought a $30 billion deal — and how it defined his career

Just months into his first CEO role, Stéphane Boujnah chose to fight. A proposed merger between the London Stock Exchange and Deutsche Boerse threatened to dwarf Euronext, and Boujnah rejected what he saw as the safer option of adapting to a new market reality. 

In this episode of "Executive Decisions," the Euronext CEO explains why he worked to derail the deal, despite pressure to stand down. He 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. 

For Boujnah, that moment reinforced a rule that has shaped his leadership: be willing to stand alone. 

He also looks back on his modest upbringing and early political activism, and how those experiences formed his belief in courage, conviction and acting decisively when the outcome matters. 

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