Thu, Sep 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Deutsche Bank shakeup: Fitschen and Jain to serve as Co Chairman of the Board

Monday, July 25, 2011

Dr. Josef Ackermann
Opalesque Industry Update - After 10 years at the helm, Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee (GEC), will retire from the Board effective at the conclusion of the Annual General Meeting 2012; - Juergen Fitschen and Anshu Jain, both members of the Management Board of the Bank, will be nominated as Co-Chairmen of the Board and the Group Executive Committee of the Bank effective at the conclusion of the Annual General Meeting 2012;

- Mr. Fitschen's contract as member of the Management Board will be extended by three years until the Annual General Meeting 2015. Mr. Jain's contract will be extended for five years until March 31, 2017. In addition, Rainer Neske's contract as a Board member will also be extended by five years until the same date.

- After six years at its helm, Dr. Clemens Boersig, Chairman of the Supervisory Board of the Bank, has informed the Board that he will retire from the Board effective at the conclusion of the Annual General Meeting 2012. He will continue to serve the Bank in his other mandates and join its European Advisory Board;

- The Bank is working towards Dr. Ackermann being elected to the Supervisory Board to replace Dr. Boersig at the Annual General Meeting 2012 and to become its Chairman so that the Bank will continue to profit from his knowledge, experience and professional network. Deutsche Bank will take all necessary steps to fulfill the legal pre-conditions for this move.

Dr. Clemens Boersig commented: "The Supervisory Board has taken all decisions unanimously and in close cooperation with Dr. Ackermann throughout the process. They provide for both renewal and continuity and thus for the pre-conditions of continued success."

Dr. Josef Ackermann commented: "I fully endorse the decisions taken by the Supervisory Board today. I am willing to join the Supervisory Board next year and take on its chairmanship in order to continue serving the Bank in this new capacity".

Juergen Fitschen commented: "I could ask for no better partner than Anshu in building further on the bank's success in our home market and worldwide."

Anshu Jain commented: "I'm humbled and honoured at having been asked to lead this great institution together with Juergen."

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style