After careful consideration, the Supervisory Board, in agreement with Dr Clemens Boersig, currently Deutsche Bank's Chief Financial Officer, came to the conclusion that Dr Boersig should move to the Supervisory Board and become its Chairman. Therefore, the Supervisory Board will propose to the Annual General Meeting on 1 June 2006 that Dr Boersig is elected to the Board. As a result, Dr Boersig will step down from the bank's Management Board at the close of business on 3 May 2006. The Supervisory Board is convinced that the Chair of the Supervisory Board can only be transferred to someone who, through personal and senior managerial experience, is familiar with the complex nature of a bank with global operations.
In addition, the Supervisory Board has appointed Anthony Di Iorio and Dr Hugo Banziger as new members of the Management Board, effective 4 May 2006. Di Iorio, currently Group Controller, will assume the position of Chief Financial Officer while Dr Banziger, currently Chief Risk Officer for Credit and Operational Risk, will become Chief Risk Officer.
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