November 25, 2020

DealBook: Deutsche Bank Taps Co-C.E.O.’s to Replace Ackermann

Deutsche Bank named Anshu Jain, left, and Juergen Fitschen as co-chiefs.ReutersDeutsche Bank named Anshu Jain, left, and Jürgen Fitschen as co-chiefs.

FRANKFURT — Deutsche Bank resolved a leadership crisis on Monday, saying that Anshu Jain, head of its investment bank, and Jürgen Fitschen, head of the bank’s German unit, will share chief executive duties at the country’s largest lender starting next year.

Josef Ackermann, who has been chief executive for a decade, is likely to become chairman of the supervisory board in early 2012, Deutsche Bank said in a statement. Clemens Börsig, current chairman of the board, will step down from the part-time position.

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“I’m humbled and honored at having been asked to lead this great institution together with Jürgen,” Mr. Jain said in a statement.

Mr. Ackermann had already postponed his planned retirement because of problems finding a successor. Tension between Mr. Ackermann and Mr. Börsig had broken into the open as they quarreled about the best solution.

Investors favored Mr. Jain, whose unit supplies the greatest share of profits, as chief executive. But Mr. Jain, a native of India who is not fluent in German, was regarded as not ready to assume the statesmanlike duties expected of the head of an institution that holds a prominent place in the nation’s identity.

Mr. Fitschen is expected to help overcome reservations by Deutsche Bank staff members about Mr. Jain. German employee representatives make up half the members of the supervisory board and thus have a strong say in the decision.

Article source: http://dealbook.nytimes.com/2011/07/25/deutsche-bank-taps-co-ceos-to-replace-ackermann/?partner=rss&emc=rss

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