Deputy CEO Karl von Rohr will not extend his contract

Karl von Rohr

Deutsche Bank board member Karl von Rohr resigns at the end of October.

(Photo: Deutsche Bank)

Frankfurt Deutsche Bank boss Christian Sewing loses one of his deputies. Karl von Rohr informed the supervisory board of his desire not to extend his management board contract beyond the planned end of October 31, 2023, the largest domestic financial institution announced on Tuesday evening. Months of speculation about von Rohr’s future preceded the decision. He is responsible for Deutsche Bank’s private customer business and heads the supervisory board of the fund subsidiary DWS.

At the end of last year, under the new chairman of the supervisory board of Deutsche Bank, Alexander Wynaendts, a critical discussion began about whether von Rohr’s contract should be extended. According to financial circles, one of the reasons is his crisis management at the fund subsidiary DWS, which is involved in a greenwashing scandal.

The fund subsidiary is said to have systematically exaggerated its commitment to sustainable investments. Others familiar with the discussions believe the board wants a more empowering style of leadership in the retail division.

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Wynaendts officially acknowledged Rohrs’ achievements: “In the more than 25 years of his activity he made a decisive contribution to the further development of the bank. As a member of the Management Board, he has played an integral role in re-establishing Deutsche Bank as a trusted and profitable institution.” CEO Sewing thanked the outgoing top manager “for his great achievements and his tireless will to bring Deutsche Bank forward”.

Von Rohr is to remain on the DWS board of directors

Von Rohr has worked for Deutsche Bank since 1997. In 2015 he became a member of the Management Board, initially with responsibility for Human Resources and Legal Affairs. In April 2018 he became Deputy Chairman of the Management Board and in July 2019 he took over the management of the private customer bank as well as board responsibility for asset management at Deutsche Bank, which essentially consists of the majority stake in the fund company DWS. Von Rohr has headed its supervisory board since 2018.
Deutsche Bank intends to provide information about the successor on the Management Board shortly. This suggests that the institute wants to regulate the succession internally. With CFO James von Moltke, Sewing has a second deputy.

Rohr will remain on the supervisory board of the fund subsidiary DWS: Although his mandate expires in May 2023, he should stand for a full term again if desired. However, he will resign as chairman of the supervisory body in October when his management contract ends. After that, he remains a member of the board.

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