Deutsche Bank AG (DBK), Germany’s biggest lender, said Seth Waugh has decided to step down as chief executive officer for the Americas, without giving a reason.
A successor will be identified “in due course” and Waugh will remain as CEO through the selection and transition process, according to an e-mailed statement from the Frankfurt-based bank today. He will then continue to serve the bank in an “advisory capacity,” it said.
Waugh’s exit coincides with the accession of Anshu Jain, head of the corporate and investment bank, and Juergen Fitschen, who runs the bank’s operations in Germany, to co-CEO roles at Deutsche Bank from the end of May. Waugh has been CEO for the Americas since April 2000, after joining from Merrill Lynch & Co., and has helped oversee the German lender’s expansion in trading and advisory in the U.S.
“Seth has been a critical driver of Deutsche Bank’s impressive development in the Americas as well as a cherished advisor to me,” Josef Ackermann, outgoing CEO of the lender, said in today’s statement.
“The bank is extraordinarily well positioned for continued success and growth and I’m looking forward to being part of this success story in a new capacity,” Waugh said in the statement.
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