DEUTSCHE Bank chief executive Josef Ackermann’s nine-year reign at the top of Germany’s largest lender will end next year after the banker withdrew his candidacy to join the supervisory board.
The Swiss investment banker, who will step down from the chief exec role as planned in May, said “extremely challenging” conditions on the financial markets meant he cannot spend time seeking the support of shareholders for his bid to be board chairman.
Under German corporate governance rules, candidates need the support of 25 per cent of the shareholders to be elected.
Deutsche said it will recommend Paul Achleitner instead, the finance chief of insurer Allianz, for the supervisory board.
The surprise announcement came hours after it emerged that police searched Deutsche Bank’s offices over a case in which Ackermann testified.