Deutsche Bank dodges new CEO question
Deutsche Bank Chairman Clemens Boersig and CEO Josef Ackermann sidestepped the question of succession at the lender's shareholder meeting on Thursday
By Bloomberg | Updated:
FRANKFURT: Deutsche Bank AG Chairman Clemens Boersig and Chief Executive Officer Josef Ackermann sidestepped the question of succession at the lender's shareholder meeting on Thursday, even as pressure from investors rose to choose the next head of Germany's biggest bank.
The search for a new CEO is proceeding in a "clear, structured" way and the supervisory board will make a decision at the "appropriate time," Boersig said in a speech in Frankfurt today.
Ackermann, who is "fully involved" in the process according to the chairman, didn't mention the issue in prepared remarks for the annual general meeting.
Deutsche Bank is being urged by shareholder representatives to name a successor to Ackermann, who is slated to step down in 2013 at the latest.
Hermes Equity Ownership Services, which represents more than 20 pension funds and asset managers, said the existing approach and public debate "harm not only potential candidates but in particular Deutsche Bank as a company," according to a letter to Boersig, which was obtained by Bloomberg News.
Internal candidates to succeed Ackermann include Anshu Jain, 48, head of the corporate and investment bank, and Chief Risk Officer Hugo Banziger, 55, people with knowledge of the matter said previously.
The race has intensified with Axel Weber, 54, who stepped down as Bundesbank president in April, joining the mix as a potential successor or co-CEO, they said.
Klaus Nieding, a representative of Germany's DSW shareholder group, praised Weber's connections to regulators, Jain's ability to earn money and Banziger's risk management while calling for an end to speculation.
"If we could bake our next CEO, then we'd take ingredients from all of them," Nieding said. "You should finally draw a line in the sand with open communication."
"Doubts are growing among investors as to whether Deutsche Bank's supervisory board is adequately performing this task," Hermes said in the letter.
The search for a new CEO is proceeding in a "clear, structured" way and the supervisory board will make a decision at the "appropriate time," Boersig said in a speech in Frankfurt today.
Ackermann, who is "fully involved" in the process according to the chairman, didn't mention the issue in prepared remarks for the annual general meeting.
Deutsche Bank is being urged by shareholder representatives to name a successor to Ackermann, who is slated to step down in 2013 at the latest.
Hermes Equity Ownership Services, which represents more than 20 pension funds and asset managers, said the existing approach and public debate "harm not only potential candidates but in particular Deutsche Bank as a company," according to a letter to Boersig, which was obtained by Bloomberg News.
Internal candidates to succeed Ackermann include Anshu Jain, 48, head of the corporate and investment bank, and Chief Risk Officer Hugo Banziger, 55, people with knowledge of the matter said previously.
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The race has intensified with Axel Weber, 54, who stepped down as Bundesbank president in April, joining the mix as a potential successor or co-CEO, they said.
Klaus Nieding, a representative of Germany's DSW shareholder group, praised Weber's connections to regulators, Jain's ability to earn money and Banziger's risk management while calling for an end to speculation.
"If we could bake our next CEO, then we'd take ingredients from all of them," Nieding said. "You should finally draw a line in the sand with open communication."
"Doubts are growing among investors as to whether Deutsche Bank's supervisory board is adequately performing this task," Hermes said in the letter.
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