The supervisory board of Deutsche Bank has named Christian Sewing as CEO, and management board members Garth Ritchie and Karl von Rohr as new presidents.
Sewing has been appointed with immediate effect, succeeding John Cryan who will leave the bank at the end of this month.
Most recently, Sewing was responsible for Deutsche Bank’s private and commercial bank (including Postbank) with Frank Straß.
Sewing has been a member of the management board since January 2015, and he was appointed as president in March last year.
Before Easter, Marcus Schneck informed the supervisory board that he intends to leave the bank after this year’s annual general meeting, and so he is unavailable for a position in the new management team.
Paul Achleitner, chairman of the supervisory board at Deutsche Bank, said: “In his more than 25 years at Deutsche Bank, Christian Sewing has proven himself a strong and disciplined leader. The supervisory board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era. We trust in the great ability of this bank and its many talents.”
Achleitner thanked the departing CEO, stating: “Despite his relatively short tenure as CEO, Cryan has played a critical role in the almost 150-year history of Deutsche Bank—and laid the groundwork for a successful future of the bank.”
Achleitner added: “The supervisory board in general and I personally are grateful for this. However, following a comprehensive analysis, we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”
Commenting on Schneck’s departure, Achleitner said: “We very much regret Schenck’s decision and thank him for his contribution in a crucial period for our bank. We wish him continued success for the future.”
