The incumbent supervisory board chairman will no longer run for a further term in the coming year.
(Photo: dpa)
Frankfurt Deutsche Bank convened its supervisory board for an extraordinary meeting over the weekend. According to information from the Handelsblatt, the meeting will primarily focus on candidates for the successor to supervisory board chairman Paul Achleitner.
According to financial circles, a preliminary decision could be made in the coming days and then announced. The name of the likely future supervisory board chairman is still unknown, according to the information that it is a male German-speaking candidate from outside the bank.
Achleitner had commissioned the American Mayree Clark, a specialist in good corporate governance and a member of the supervisory body of Deutsche Bank since 2015, with the search for a successor. Clark has been probing the market for months. From the supervisors, especially from the European Central Bank (ECB), the pressure has recently increased to regulate Achleitner’s succession in good time.
The aim of the bank is now to agree on a candidate, it is said in financial circles. A formal nomination could be announced in the spring, when the bank invites shareholders to the general meeting. The Bloomberg news agency had first reported on the extraordinary board meeting over the weekend.
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Weimer and Winkeljohann had canceled
The supervisory board also looked for a new chairman externally after two current members – the boss of Deutsche Börse, Theodor Weimer, and the supervisory board chairman of the chemical company Bayer, Norbert Winkeljohann – had indicated that they were not available for this task.
The new chairman would take over from CEO Christian Sewing a few months after a strategy presentation in which he will set out his vision for the bank – after a four-year, sometimes painful restructuring.
Achleitner took up his post more than nine years ago and in this role accompanied a number of CEOs and a massive decline in the share price.
More: Mayree Clark is supposed to do one of the most delicate jobs in the German banking scene