Juergen Fitschen to be Deutsche Bank's 'Mister Germany'
Deutsche Bank executive Juergen Fitschen was named Monday as one of its next co-chairmen, a role that will see him helping Anshu Jain learn the ropes at the head of Germany's biggest bank.
Head of the bank's German division since 2005, Fitschen, 62, has been a member of Deutsche Bank's management board since 2009, following stints in Asia and London.
He thus knows the bank's domestic and foreign operations well, and also sits on the supervisory boards of German retail giant Metro and specialty glass maker Schott.
In addition, Fitschen has a seat on the board of directors of the German logistics group Kuehne+Nagel.
Born September 1, 1948 in the German state of Lower Saxony, he holds a degree in economics and joined Deutsche Bank in 1987, working first in Thailand, Japan and Singapore.
Fitschen is slated to be the bank's "German face" in partnership with Indian-born Jain, who will be free to focus on core investment banking activities and international expansion, notably in Asia.
Both executives have expressed strong admiration for one another and Fitschen, whose board mandate was extended by three years, when he will have reached retirement age, did not seek to run Deutsche Bank on his own, according to the German daily Die Welt.
The newspaper saw the co-chairmanship as a way of preparing Jain, who does not yet speak fluent German, to fly solo in a few years time.
"I could ask for no better partner than Anshu in building further on the banks success in our home market and worldwide," a statement quoted Fitschen as saying.
Jain added: "Im humbled and honoured at having been asked to lead this great institution together with Juergen."
© 2011 AFP