Deutsche Bank shareholder won't back second term for chairman
Deutsche Bank's secondlargest shareholder will not back Chairman Paul Achleitner for a second term because of his lack of success in turning the bank around, a German magazine reported.
"Achleitner will not be part of the future of Deutsche Bank after 2017," Manager Magazin quoted a person close to Sheikh Hamad Bin Jassim Bin Jabor AlThani of Qatar as saying. The investor owns 3 percent of Deutsche Bank's shares following a 2014 capital increase at Germany's flagship lender. Achleitner took the helm of the supervisory board in 2012 and is serving a five-year term.
Deutsche Bank said it was up to shareholders to decide on the chairman in due course. AlThani was not immediately available for comment. According to Manager Magazin, al-Thani is unhappy Deutsche Bank has not kept a promise to revamp the business quickly, but will still back Achleitner at this year's shareholder meeting in May. Deutsche Bank shocked markets with a 2015 record loss, after Achleitner brought in John Cryan to replace CEO Anshu Jain from July.