Bloomberg News

Deutsche Bank to Begin CEO Transition Next Year, Fitschen Says

November 02, 2011

Nov. 2 (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Josef Ackermann will start the process of handing over his duties to his designated successors at the beginning of next year, future co-CEO Juergen Fitschen said.

“The process will establish itself gradually with the beginning of the new year,” Fitschen told Die Zeit newspaper, according to an e-mailed version of an article appearing tomorrow. Ronald Weichert, a spokesman for the Frankfurt-based lender, confirmed the statement and declined to comment further.

Deutsche Bank, Germany’s biggest lender, said in July that Germany head Fitschen and Anshu Jain, who runs the corporate and investment bank, will become co-chief executive officers after Ackermann steps down at the annual general meeting at the end of May 2012. Deutsche Bank plans for Ackermann, 63, to join the supervisory board and replace Clemens Boersig as chairman.

Fitschen told Die Zeit that the two will divide principal responsibility for particular businesses and regions between them, even though the duo will work together, the newspaper said. Fitschen said the new CEOs aim to set “new accents” for Deutsche Bank after talking to colleagues, the newspaper said.

Jain, 48, oversaw more than 73 percent of the bank’s revenue in 2010 and Fitschen, 63, the head of regional management worldwide, is the longest-serving Deutsche Bank employee on the management board.

--With assistance from Mariajose Vera in Madrid. Editors: Edward Evans, Jon Menon

To contact the reporters on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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