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Deutsche Bank rejuvenates

March 16, 2012

Germany's biggest lender, Deutsche Bank, has announced a large-scale board reshuffle to come into effect in June. Three new members have been appointed to key positions.

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Image: dapd

Deutsche Bank's top brass on Friday announced a far-reaching board revamp as they prepare to take over the operations of Germany's biggest bank in June.

Deutsche Bank said in a statement it had appointed Stephen Leithner, Stuart Lewis and Henry Ritchotte to the management effective as of June 1.

All three come from Deutsche Bank's investment banking arm. Leithner, a 45-year-old Austrian, will be Head of Human Resources, 46-year-old Lewis of Scotland will be Chief Risk Officer, and Ritchotte, a 48-year-old American, will be Chief Operating Officer.

Younger and better?

The Supervisory Board welcomed the three new members as "a new generation of management talent."

CEOs Anshu Jain and Jürgen Fitschen are to jointly replace outgoing Deutsche Bank Chief Josef Ackermann, who is stepping down in June after 10 years at the helm of the lender.

According to Spiegel Online, Jain's and Fitschen's plans to restructure the bank received a last-minute setback after the financial markets watchdog BaFin vetoed their original candidate for the post of Chief Risk Officer, William Broeksmit, saying the American had too little management experience.

hg/sms (dpa, AFP, Reuters)