Deutsche Bank taps Wynaendts as next chairman

Germany’s largest lender Deutsche Bank said on Friday it was recommending Dutchman Alexander Wynaendts as supervisory board chairman, as the group seeks to turn the page on years of losses and a painful restructuring.

Wynaendts, who served as CEO of Dutch insurance group Aegon from 2008 to 2020, would in May succeed Deutsche veteran Paul Achleitner, who is not standing for re-election after a decade in the high-profile role.

Wynaendts was put forward by Deutsche’s supervisory board nominating committee, the bank said in a statement. The decision must still be approved by the full supervisory board.

Wynaendts “has vast experience in the financial industry and an excellent network, not only in Europe but also globally,” Deutsche CEO Christian Sewing said.

Achleitner said his likely successor “has exactly the right personality and skills to ensure a continued trustful working relationship” between the bank’s supervisory and management boards.

The changing of the guard comes as the German giant is back on track after years in the red, posting its first annual profit in six years in 2020.

The group last month reported a net profit of 194 million euros ($225 million) for the third quarter of 2021, a seven-percent rise on a year earlier, and is expected to end the year in the black.

The turnaround has been powered by strong performances from Deutsche’s investment banking division, the group’s one-time problem child, as well as a cost-cutting drive involving thousands of job losses.

Wynaendts is due to take over not long after Sewing unveils Deutsche’s strategy update, set to lay out his plans for the bank for the coming years.

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