Official announcement on Deutsche Bank CEO in coming days
An "orderly selection process" for a successor to Ackermann, 63, who retires in May, 2013, after nine years in office, is still continuing and an announcement on the new leadership will be made shortly.
By PTI | Updated:
BERLIN: Amid strong indications that Anshu Jain will become joint CEO of Deutsche Bank together with his management board colleague Jurgen Fitschen, bank sources disclosed today that an official announcement on incumbent Josef Ackermann's successor is expected in the coming days.
An "orderly selection process" for a successor to Ackermann, 63, who retires in May, 2013, after nine years in office, is still continuing and an announcement on the new leadership will be made shortly, sources told PTI without elaborating on the ongoing discussions at the supervisory board level.
Media reports said a majority of the 20-member supervisory board is in "broad agreement" on the Jain-Fitschen combination proposed by Chairman Clemens Boersig after a meeting of the bank's nominating committee on Sunday.
The board members preferred this model over a rival proposal by Ackermann to put Jain and management board member Hugo Baenziger at the helm of Germany's largest bank.
Like Ackermann, Baenziger is a Swiss national. Jain, 48, who heads Deutsche Bank's investment banking division based in London, continued to be at the centre of all options being considered and a main focus of the succession drive is to ensure that the India-born investment banker becomes the new boss of the Frankfurt-based bank, the reports said.
One earlier proposal was to nominate Jain as the sole head of the financial institution while Ackermann moves into the supervisory board so that he can continue to carry out high-level networking in German politics, a skill which London-based Jain lacks.
However, this plan fizzled out after Ackermann decided not to join the supervisory board.
Jain and Fitschen, 62, teaming up together to take over the reins of the world's fifth largest investment bank is the most likely scenario, the reports said.
Supporters of Jain argue that this is an "ideal transitional arrangement", opening the way for him to take over as the sole chairman of the management board when Fitschen retires after reaching 65.
t is hoped that Fitschen, who has good contacts to the centres of power in Berlin, can carry out the lobbying work until Jain builds up his political contacts to match the stature of the bank and improves his ability to communicate in German.
Deutsche Bank sources told PTI no decisions have been taken at this stage and all these reports are "mere speculations".
They could not confirm or deny reports that the next meeting of the supervisory board scheduled for July 25 will be advanced to bring to an early end speculation about a successor for Ackermann.
The supervisory board has ten members each from the side of shareholders and employees.
While Jain enjoys the support of both sides, there are still doubts among some board members whether Fitschen is the ideal candidate, the reports said.
An "orderly selection process" for a successor to Ackermann, 63, who retires in May, 2013, after nine years in office, is still continuing and an announcement on the new leadership will be made shortly, sources told PTI without elaborating on the ongoing discussions at the supervisory board level.
Media reports said a majority of the 20-member supervisory board is in "broad agreement" on the Jain-Fitschen combination proposed by Chairman Clemens Boersig after a meeting of the bank's nominating committee on Sunday.
The board members preferred this model over a rival proposal by Ackermann to put Jain and management board member Hugo Baenziger at the helm of Germany's largest bank.
Like Ackermann, Baenziger is a Swiss national. Jain, 48, who heads Deutsche Bank's investment banking division based in London, continued to be at the centre of all options being considered and a main focus of the succession drive is to ensure that the India-born investment banker becomes the new boss of the Frankfurt-based bank, the reports said.
One earlier proposal was to nominate Jain as the sole head of the financial institution while Ackermann moves into the supervisory board so that he can continue to carry out high-level networking in German politics, a skill which London-based Jain lacks.
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However, this plan fizzled out after Ackermann decided not to join the supervisory board.
Jain and Fitschen, 62, teaming up together to take over the reins of the world's fifth largest investment bank is the most likely scenario, the reports said.
Supporters of Jain argue that this is an "ideal transitional arrangement", opening the way for him to take over as the sole chairman of the management board when Fitschen retires after reaching 65.
t is hoped that Fitschen, who has good contacts to the centres of power in Berlin, can carry out the lobbying work until Jain builds up his political contacts to match the stature of the bank and improves his ability to communicate in German.
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Deutsche Bank sources told PTI no decisions have been taken at this stage and all these reports are "mere speculations".
They could not confirm or deny reports that the next meeting of the supervisory board scheduled for July 25 will be advanced to bring to an early end speculation about a successor for Ackermann.
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The supervisory board has ten members each from the side of shareholders and employees.
While Jain enjoys the support of both sides, there are still doubts among some board members whether Fitschen is the ideal candidate, the reports said.
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