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Deutsche Bank enlarges its board of directors

2021-03-29T15:13:47.893Z


Deutsche Bank is restructuring its board of directors. CEO Christian Sewing is allowed to continue until 2026 - but has to hand over control of the investment business to his colleague Fabrizio Campelli.


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Fabrizio Campelli

Photo: RAINER UNKEL / imago images / Rainer Unkel

Deutsche Bank is extending the contract with its CEO Christian Sewing until April 2026. At the same time, the management board of the largest German financial institution will be significantly restructured in May.

According to the company, Sewing is handing over responsibility for the investment bank and the corporate bank to Fabrizio Campelli, the previous board member for transformation.

Instead, Sewing takes over the area of ​​personnel development.

In the future, however, this should pass to the new HR manager Michael Ilgner as soon as he joins the board as planned.

Rebecca Short is the second woman to join the board.

The previous head of financial planning and control will take over the transformation department from Campelli and will therefore be responsible for the implementation of the new strategy on the board in the future.

Since the previous Chief Operating Officer (COO) Frank Kuhnke will be leaving Deutsche Bank as part of the restructuring of the Executive Board, the size of the management body will remain unchanged with ten members.

According to the information, Chief Risk Officer Stuart Lewis has asked the Supervisory Board to be able to step down from the board at the 2022 Annual General Meeting.

According to the information provided, legal director Stefan Simon will take over the areas of compliance and the fight against financial crime as early as May this year in the sense of an »orderly transition«.

In the private customer business, Deutsche Bank has also found a successor at the level below the Board of Management for the manager Manfred Knof, who has switched to Commerzbank: Lars Stoy, previously responsible for the Postbank brand, will in future be in charge of Deutsche Bank’s private customer bank in Germany as a whole.

Knof has been CEO of Commerzbank since January 1, 2021.

Sewing had ordered the Deutsche Bank to radically reorganize the company, including cutting thousands of jobs.

The long loss-making business of the in-house investment bank was trimmed, and the bank withdrew entirely from global stock trading.

After five years of losses in a row, Deutsche Bank turned the trend around in the year of the corona crisis.

ssu / dpa / Reuters

Source: spiegel

All business articles on 2021-03-29

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