Martin Blessing, chief executive of Commerzbank, has today announced he will step down from his position when his contract expires in October 2016.
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.