Stéphane Boujnah, CEO of Euronext since 2015, is preparing to step down in May 2027 after transforming Europe's largest stock exchange operator through aggressive acquisitions and a push for local listings. Under his leadership, Euronext expanded by acquiring exchanges in Athens, Dublin, Oslo, and Milan, boosting listing revenue from €71 million in 2015 to €187 million in 2025. Boujnah argues that European markets offer more predictability than the US, especially amid concerns over immigration rules, legal uncertainty, and weakening institutions under Donald Trump's influence.

He believes a decade-long effort to unify EU capital markets may soon succeed, with Ireland's EU presidency aiming to finalize a deal by year-end to centralize oversight and consolidate trading venues. Boujnah states, "I've never been so confident that this [deal] will happen," viewing it as validation of his strategy to deepen European markets.

Despite growth, analysts note Euronext lags behind peers like Deutsche Börse and the London Stock Exchange Group in adopting new technologies such as blockchain. Ian White of Autonomous Research comments, "Certainly they're a bit more behind on those things." Boujnah acknowledges some failed deals, including stalled talks for Nasdaq's Nordics exchanges and collapsed negotiations to acquire Allfunds.

Boujnah, 62, describes his early days at Euronext as challenging, saying "Fifty per cent of the market thought we were dead and 50 per cent wanted us to die." He built his team by recruiting "corporate refugees" and obsessively pursued acquisitions to turn the company from "dead wood" into a profitable enterprise.