Blessing has been on the bank’s board of managing directors for 15 years and has held the chief executive post since 2008.
Commenting on his decision, Blessing said: “I was delighted to be offered a contract extension and am honoured by the trust placed in me. For this, I am truly grateful. Nevertheless, after long and intensive consideration, I decided not to accept the offer. This was not an easy decision, as I am very fond of both the bank and my colleagues.”
Klaus-Peter Muller, chairman of the supervisory board of Commerzbank, said: “I deeply regret this decision and was hopeful that we could extend the contract. However, I respect Martin Blessing’s decision and greatly appreciate the success he has achieved as well as his commitment to continue to support the bank in a dedicated manner for the rest of his term.”
Blessing’s decision comes just one day ahead of the bank’s third-quarter results, which are due out on Monday morning.
No successor has been announced.