Deutsche Bank: Ackermann Won't Head Supervisory Board
November 14 2011 - 12:16PM
Dow Jones News
Germany's Deutsche Bank (DB) Monday said Chief Executive Josef
Ackermann is no longer available to become supervisory board head
when he leaves his CEO post in May next year, and is proposing Paul
Achleitner, head of finance at Allianz SE (ALV.XE), as supervisory
board chairman.
Deutsche Bank cited the "extremely challenging conditions on the
international financial markets and in the political-regulatory
environment" which mean Ackermann has to focus on his tasks as CEO
and can't participate in "the many talks with individual
shareholders necessary to implement the original plan" of him
becoming supervisory board chairman.
Allianz said, "Paul Achleitner has signaled his availability to
Deutsche Bank," and will leave the insurer's executive board at the
end of May 2012 should the supervisory board release him from his
contractual obligations.
-By Harriet Torry, Dow Jones Newswires, +49 69 29 725 500;
harriet.torry@dowjones.com