Former Aegon leader to replace Paul Achleitner as chairman of Deutsche Bank

Former Dutch insurer and Citigroup board member Alex Wynaendts is expected to replace Paul Achleitner as chairman of Deutsche Bank next year, a German lender announced Friday night, ending a month-long hunt for regulators. impatience.

Wynaendts retired as chief executive of Dutch Aegon insurance company last year after 12 years in the service.

Achleitner, a former banker at Goldman Sachs and chief financial officer at Allianz, joined Deutsche Bank in 2012 and last year said he would not be there for five years in 2022.

The 65-year-old Austrian has been repeatedly criticized by investors and researchers as Deutsche Bank went through a difficult period in recent years. Its financial bank was heavily affected by the financial crisis and was delayed longer than its US counterparts in the new location.

In late 2019, private businessman Cerberus pushed Acleitners At the exit, to try to take his place and former Morgan Stanley President Colm Kelleher.

Under Achleitner’s watch, Deutsche Bank lost a total of € 12bn, started five routes and replaced its executives three times. € 83m to leave.

The lender has raised € 19.5bn in new capitals, spent billions on stability and fines, and dropped by 70 percent in value. However, since the appointment of senior Christian Sewing in 2018 after acrimonious boardroom battle, the lender has stabilized and has returned to profits. Over the past three years, its price has risen by 32 percent.

Since early 2021, the ECB has encouraged the lender to come up with a clear plan for succession. A European bank regulator secretly told the bank it wanted to participate in the decision and was concerned that Deutsche would present the nomination in line with next year’s annual meeting.

Deutsche Börse chief executive Theo Weimer, who serves on the Deutsche Bank’s executive committee, has long been seen as Achleitner’s successor, but has indicated his unwillingness to step down. Weimer would have to resign immediately from Deutsche Börse, where his contract expires in 2024.

Deutsche on Friday night also announced that Norbert Winkeljohann, a former member of the 2018 governing body and chairman of the German medical giant Bayer, will be second in command.

On Friday night, Deutsche announced that the supervisory board selection committee would approve Wynaendts as the new member at the annual general meeting on May 19 next year.

“We want Paul Achleitner to be elected the next chairman,” the bank said. Deutsche said the move was “subject to approval by the regulatory body”. Experts told FT that the bank had already discussed Wynaendts with the trustee. The ECB declined to comment.

The incoming chair began his career in 1984 with Dutch lender ABN Ambro as a student in the major market segment and worked in various securities and securities banking before joining Aegon in 1997. Wynaendts has been the non-executive director of Citigroup since then. 2019 but will step down when he joins the German enemy. He also sits on the board of Air France-KLM and Uber.

“I really look forward to joining Europe’s leading financial institutions,” Wynaendts said, calling the election a great honor. He further added that it was his firm belief that Deutsche Bank “was the ideal solution to meet the needs of its customers around the world”.

Mayree Clark, a member of Acleitner’s successor research commission, said the incoming chair had a proven track record in the financial sector, a deep understanding of technology and worked with regulators across the Atlantic.

Achleitner said Wynaendts “has the right personality and the ability to ensure that the partnership operates faithfully among all Deutsche Bank institutions.”

German authorities and policymakers are waiting for the Deutsche Bank seat to speak German fluently. Wynaendts, who hails from the Dutch region near the German border, has a strong grasp of the German language and wants to make progress, according to someone who is well versed in his thinking. He plans to move his headquarters to Frankfurt, where the bank is located.