Deutsche Bank says CEO will not head supervisory board

14th November 2011, Comments 0 comments

Deutsche Bank, Germany's biggest bank, said Monday its chief executive Josef Ackermann will not take a seat on its supervisory board next year as originally envisaged.

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" next year, Deutsche Bank said in a statement.

"Ackermann said that the extremely challenging conditions on the international financial markets and in the political-regulatory environment demand his full attention as management board chairman," it said.

The supervisory board took note of Ackermann's decision "with regret" and respected it, the bank said.

It is traditional in Germany for a chief executive to head a company's supervisory board once he steps down as CEO.

Ackermann, 63, has headed Deutsche Bank since 2002 and he plans to step down in May 2012 after the group's annual shareholder meeting.

Paul Achleitner, board member of the insurance giant Allianz, will take Ackermann's place on Deutsche Bank's supervisory board, the bank said.

© 2011 AFP

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