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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?

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