Following a breakdown of communication between the Deutsche’s CEO and its chairman, Germany’s largest bank is looking ti replace its CEO. Their disagreement comes in the wake of China’s HNA becoming its largest shareholder.
Wanting to improve its lagging performance and midst questions over its future, Deutsche Bank is aiming to replace John Cryan, its Chief Executive.
The bank has reportedly approached Richard Gnodde, a senior executive of Goldman Sachs to take on Cryan’s role.
Its been less than two years since Cryan has been at the helm of Germany’s largest bank.
Deutsche Bank was not immediately available for comment.
According to the Times, ever since there has been a breakdown between Cryan and Paul Achleitner, Deutsche’s chairman, the bank has pursued Gnodde, vice chairman at Goldman Sachs. Their disagreement revolves around their approach to the HNA Group, a Chinese conglomerate that has recently become Deutsche Bank’s largest shareholder.
Goldman Sachs did not immediately respond to a comment.
Incidentally, Gnodde has turned down the proposal.
Other probable replacements that have been considered by Deutsche are Bill Winter, chief executive of Standard Chartered Plc and Jean Pierre Mustier, chief executive of UniCredit SpA.
The Times reported citing a source familiar with the matter at hand, Cryan and Deutsche Bank’s CFO, James von Moltke, had differing views on the bank’s future, with one side wanting a radical restructuring that included a complete overhaul of its investment banking division.
“It is quite clear the relationship is broken between the chief executive and the chairman”, reported the Times quoting the source.
($1 = 0.8028 euros)