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    Former Aegon CEO replaces Paul Achleitner as chair of Deutsche Bank

    Alex Wynaendts, a veteran of Dutch insurance and a director of Citigroup, will replace Paul Achleitner as chair of Deutsche Bank next year.German lenders announced late Friday night, regulators More and more impatient..

    After 12 years of service, Wynaendts retired from the position of Chief Executive Officer of Dutch insurance company Aegon last year.

    Former Goldman Sachs banker and Chief Financial Officer of Allianz, Achleitner, joined Deutsche Bank’s board of directors in 2012 and said he would not serve his third five-year term in 2022 last year. rice field.

    The 65-year-old Austrian has been the focus of repeated criticism from investors and analysts as Deutsche Bank has experienced a very severe patch in recent years. The investment bank was hit hard by the collapse of the financial crisis and adapted to the new environment far behind its peers in the United States.

    Private Equity Investor Cerberus in Late 2019 Push for Achleitners exit,Try out To replace him With former Morgan Stanley President Colm Kelleher.

    Under the supervision of Achleitner, Deutsche Bank generated a total net loss of € 12 billion, embarked on five strategic regimes and replaced the CEO three times. In total, 17 executives departed early and were paid by Deutsche Bank. € 83m for departure..

    Creditors raised € 19.5 billion in new capital, spent billions of dollars on settlements and fines, and stock prices fell 70%. However, since the appointment of Chief Executive Officer Christian Sewing in 2018 Tough meeting room battle, The lender has stabilized and regained profits. Over the last three years, stock prices have risen 32%.

    Since at least early 2021, the ECB has asked lenders to present a clear succession plan. Major European bank regulators personally told banks they wanted to be involved in this decision and were concerned that Deutsche Bank would offer its nomination as a de facto consent prior to next year’s annual shareholders meeting.

    Paul Achleitner said last year that the third five-year term in 2022 will not be available © REUTERS

    Theo Weimer, CEO of Deutsche Börse, who was on the board of auditors of Deutsche Bank and was long regarded as the successor to Achleitner, but suggested that he was not interested in becoming chairman. Weimer would have had to resign early from his job on the Deutsche Boerse, whose contract expires in 2024.

    On Friday night, Germany also announced that it would join the board of auditors in 2018, with Norbert Winkeljohan, chairman of German chemical giant Bayer, as vice-chairman.

    On Friday night, Germany announced that the Board of Corporate Auditors’ Nominating Committee would approve Wijnants as a new member at its annual meeting on May 19, next year.

    “He will then be elected chairman to succeed Paul Achleitner,” the bank said in a statement. Deutsche said the move “needs approval by the Audit & Supervisory Board Plenary.” People familiar with the matter told FT that banks were already informally discussing Wynaendts with regulators. The ECB declined to comment.

    The next chairman began his career as a trainee in the capital markets sector at ABN Ambro, a Dutch lender in 1984, and then joined Aegon in 1997 after playing various roles in private banking and investment banking. Did. It’s 2019, but when it joins a German rival, it abandons its role. He is also a board member of Air France-KLM and Uber.

    “We are very much looking forward to joining this major European-based financial institution,” said Wynaendts, who is very honored to be nominated. He said Deutsche Bank has a strong belief that it is “in a good position to meet the growing needs of its global customer base.”

    Mayree Clark, a member of the Supervisory Board responsible for searching for Achleitner’s successors, said the next chair has a proven track record in the financial services industry, a deep understanding of technology, and has worked with regulators on both sides of the Atlantic.

    Achleitner said Wynaendts “has the right personality and skills to maintain a credible partnership between the two boards of Deutsche Bank.”

    German regulators and policy makers expect the chairman of Deutsche Bank to speak fluent German. According to someone familiar with his ideas, Wijnants from the Dutch region near the German border has solid German skills and wants to improve them further. He plans to relocate his headquarters to Frankfurt, where the bank is headquartered.

    Former Aegon CEO replaces Paul Achleitner as chair of Deutsche Bank

    Source link Former Aegon CEO replaces Paul Achleitner as chair of Deutsche Bank

    The post Former Aegon CEO replaces Paul Achleitner as chair of Deutsche Bank appeared first on Eminetra.

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