New leadership for Deutsche Bank
Deutsche Bank's Supervisory Board met today and decided on a new leadership for the Bank:
- 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.”
For further information, please call:
Deutsche Bank AG
Press and Media Relations
Dr. Ronald Weichert
Phone: +49 69 910 38664
Phone: +44 20 7545 6469
+49 69 910 35395 (Frankfurt)
+1 212 250 1540 (New York)
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 15 March 2011 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.