The institute has been looking for a new head of risk for over a year.
(Photo: dpa)
Frankfurt After Thomas Schaufler and Sabine Mlnarsky, Commerzbank has signed another board member from Austria. Bernd Spalt, the former CEO of Erste Group Bank, will succeed Chief Risk Officer Marcus Chromik at the beginning of 2024, Germany’s second-largest private bank announced on Monday.
This marks the end of a months-long stalemate for Commerzbank. Incumbent Chromik signaled early on that he would not be extending his contract, which expires at the end of 2023. The supervisory board therefore originally wanted to appoint division director Rüdiger Rass as his successor at the end of 2022.
However, the review process by the financial regulator took a long time. In the summer of 2023, the European Central Bank (ECB) signaled to the new supervisory board chairman Jens Weidmann that it had concerns about Rass’s appointment. Weidmann therefore had to start a new search process.
The financial regulator examines board members as part of a so-called “fit and proper” test and must agree before they take up their job. In the case of Spalt, the supervisors apparently have no objections, even if official approval is still pending.
With Spalt, Commerzbank has gained a high-profile risk director, said Weidmann. “What sets him apart is that he has successfully shouldered responsibility in difficult times and in various markets and has gained valuable experience.”
Spalt has gained a lot of experience in Eastern Europe
The 55-year-old comes from the small Alpine town of Bludenz and studied law in Vienna. He then worked for Erste Group Bank, which is part of the Austrian savings bank group, for more than 30 years.
Among other things, he was head of risk for the entire bank and its subsidiaries in Hungary, Slovakia and Romania. At the beginning of 2020, Spalt became chairman of the board – as the successor to long-time bank boss Andreas Treichel.
The 55-year-old comes from the small Alpine town of Bludenz and studied law in Vienna.
(Photo: Wolf Head)
However, Spalt did not stay at the top for long. Because of different views on the future strategy, he resigned in the summer of 2022.
In Frankfurt, Spalt meets old acquaintances. Thomas Schaufler, who moved to Commerzbank as Board Member for Private Customers in December 2021, had also previously worked for Erste Group for many years. The same applies to Sabine Mlnarsky, who has been Human Resources Director at Frankfurter Geldhaus since the beginning of 2023.
CEO Manfred Knof and IT director Jörg Oliveri del Castillo-Schulz also came to Commerzbank from outside. Many people within the institute were hoping for an internal solution to Chromik’s successor.
However, CEO Knof is now relieved that the bank has found a Chromik successor in good time. “This ensures a seamless transition in this important function for the bank.”
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