Deutsche Bank today announced that Chum Darvall has decided to step down as CEO, Australia & New Zealand from 1 March 2011 and move to a Vice Chairman’s role after eight years in his current position and more than 16 years with the Bank. John (JT) Macfarlane, the Bank's executive Chairman, Australia & New Zealand, will expand his responsibilities and take on the role of Chief Country Officer for Australia.
Rob Rankin, CEO Asia Pacific said, “We are delighted that Chum will continue to work with us and serve clients as a non-executive Vice Chairman of the Bank in Australia & New Zealand and support the business he has worked so hard to build. JT is the ideal person to lead our highly regarded and successful Australian & New Zealand management team given his track record with Deutsche Bank in both Australia and Japan and with Bankers Trust in New Zealand.”
Macfarlane will continue to focus on client relationships and business transactions in his expanded role as well as take responsibility for the stewardship of the Bank’s governance structure. Macfarlane joined Deutsche Bank in 1999 following the Bank's acquisition of Bankers Trust where he was CEO, New Zealand. He subsequently moved to Japan as Deutsche Bank CEO from 1999-2006 and took up his current role in Australia in June 2007.
Darvall leaves the role as CEO at a time when the business is performing at its best. Recently the Bank was named Best Debt House in Australia by Euromoney Magazine in 2010, the Derivatives House of the Year Australia in the 2010 Asia Risk Awards and is currently the No.1 ASX broker by market share 2010 YTD*. Darvall also played a critical role in the establishment and development of the Bank’s market leading Global Markets business prior to taking up the role of CEO, Australia & New Zealand in 2002.
Darvall plans to take a sabbatical and will take up a non-executive role as Vice Chairman, Australia & New Zealand in the second half of 2011. Macfarlane will take on his additional role with effect from 1 March.
* As at 31/10/10. Source: IRESS
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