Strategy
Deutsche Chairman Reportedly Scouting For New CEO
The CEO the German bank remains under pressure, reports claim, with its chairman reaching out for potential candidates to replace him.
Deutsche Bank’s chairman is looking for possible outsiders to
potentially replace chief executive John Cryan, who is battling
to restore the fortunes of the Frankfurt-listed lender, media
reports said.
The Wall Street Journal and Reuters, among
others, reported that Paul Achletner has made informal searches
and no immediate or specific plans for a CEO succession are in
place. The publications cited unnamed sources. The Times (of
London) also reported that moves were afoot to replace
Cryan.
Members of Deutsche Bank’s supervisory board aren’t all aligned
on CEO succession planning, the WSJ said.
Cryan, CEO since summer of 2015, is under pressure, the WSJ said,
after Deutsche
Bank recently missed cost-cutting targets and its finance
chief warned last week about weaker-than-expected first-quarter
revenue. Deutsche Bank shares have fallen about 29 per cent.
Cryan has said he is committed to his contract, which extends to
2020.
WealthBriefing has contacted Deutsche for a comment and may update in due course.
