DEUTSCHE Bank’s joint chief executive Juergen Fitschen’s contract is set to be extended by two years, keeping the leadership at Germany’s biggest lender in place until 2017.
Deutsche Bank said in a statement yesterday its supervisory board would formalise the proposal from a board sub-committee at a meeting on 29 October. The move addresses concerns raised by investors at a shareholder meeting this year that Deutsche may relapse into the uncertainty over its leadership that plagued it as the era of previous CEO Josef Ackermann came to an end.
Under the proposal presented on Wednesday, the contracts of Fitschen, 65, and the bank’s other CEO, Anshu Jain, 50, would continue until 31 March, 2017, Deutsche Bank said.
Fitschen’s existing contract expires after Deutsche’s annual general meeting in May 2015. “That will nip in the bud any discussion over succession,” one source.