Deutsche Bank nominates 4 members to its supervisory board

The development comes midst questions being raised by major investors over the future leadership at Germany’s biggest bank.

On Wednesday, Germany’s largest lender, Deutsche Bank stated John Thain, a veteran U.S. banker is being nominated to its supervisory board.

The nomination comes in the wake of questions being raised over its future leadership at its annual general meeting.

In efforts aimed at addressing this issue, Deutsche Bank also announced two other new nominees – Mayree Clark, founder and managing partner of Eachwin Capital and Michele Trogni, who was previously Group Chief Information Officer at UBS.

Previously, Deutsche Bank had announced the nomination of Norbert Winkeljohann, Chairman of the Management Board of PricewaterhouseCoopers Europe, to its board.

The proposed members, if elected, will replace four retiring members.

Shareholders are due to vote on the nominees at the bank’s annual general meeting next month.

“We are delighted to have been able to attract such highly qualified new members, each with many years of experience in the financial sector,” said Paul Achleitner, Deutsche Bank’s Chairman in a statement. “They will ideally contribute to the wealth of skills that our Supervisory Board brings together”.

Incidentally, Thain was the CEO of Merrill Lynch before it was sold to Bank of America Corp, at the height of the financial crisis. He was also the CEO of the Goldman Sachs Group Inc.

Thain began his banking career in 1979 and headed the New York Stock Exchange; he was instrumental in a series of mergers that shaped it into NYSE Euronext by 2007.

Gerd Alexander Schuetz, who represents the interests of the Chinese conglomerate HNA, a major shareholder, is also up for re-election for a five year term.

According to five sources familiar with the matter at hand, Achleitner has started searching for a CEO who will replace its current Chief Executive John Cryan.

Big investors have come down heavily on Achleitner for the bank’s woes and for his search for a new CEO.


Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

Tags: , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: