Ackermann Steps Down as Supervisory Chairman of Deutsche Bank

Josef Ackermann will no longer be available as a candidate for the Supervisory Board, Deutsche Bank writes in a press release. The Nomination Committee proposes Paul Achleitner as the new Chairman of the DB Supervisory Board.

“Dr. Achleitner is exceptionally knowledgeable about the banking business and the financial markets. His advice has been highly sought after and appreciated by corporate and political leaders in Germany and abroad for many years.”

Dr. Josef Ackermann

“The Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG, Dr. Josef Ackermann, notified the bank’s Supervisory Board that he will no longer be available as a candidate to transfer onto the Supervisory Board following his departure from the Management Board effective upon the completion of the General Meeting 2012,” the German bank writes in a press release.

Dr. Josef Ackermann says: “The extremely challenging conditions on the international financial markets and in the
political-regulatory environment demand my full attention as the Chairman of the bank’s Management Board. This does not allow enough scope for the many talks with individual shareholders necessary to implement the original plan.”

With regret, the Supervisory Board notes and respects this decision, the press release says.

The Nomination Committee recommends that the Supervisory Board propose Dr. Paul Achleitner, currently member of the Board of Management of Allianz S.E., for election to the Supervisory Board at the General Meeting 2012.

Furthermore, the Nomination Committee recommends that Dr. Paul Achleitner be elected at the meeting of the Supervisory Board following the General Meeting as Supervisory Board Chairman. Dr. Achleitner will be available for this office, pending the formal approval of the Supervisory Board of Allianz S.E.

Dr. Clemens Börsig, Chairman of the Supervisory Board says: “I have highly respected Dr. Achleitner for many years. He has an extraordinary level of expertise and comprehensive experience in the financial industry as well as excellent
judgment. This makes him an outstanding successor candidate to chair the Supervisory Board.”

And Mr. Ackermann respectfully replies: “Dr. Achleitner is exceptionally knowledgeable about the banking business and the financial markets. His advice has been highly sought after and appreciated by corporate and political leaders in Germany and abroad for many years.”

Well, lets’ see how appreciated they will be five to ten years from now…

Dr. Josef Ackermann will be leaving the bank’s Management Board, which he has been the Chairman of since 2002, with effect upon the completion of the General Meeting in May 2012.

The process of transition to Jürgen Fitschen and Anshu Jain will be initiated as planned at the beginning of 2012.

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1 Comment

Filed under International Econnomic Politics, National Economic Politics

One response to “Ackermann Steps Down as Supervisory Chairman of Deutsche Bank

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