Ackermann lined up to be Deutsche Bank chairman

City A.M. Reporter
DEUTSCHE Bank chief executive Josef Ackermann will replace Clemens Boersig to become the bank’s supervisory board chairman when he steps down from his role as chief executive, a German newspaper has reported.

Boersig is ready to vacate the role for Ackermann and will likely step down at the next annual general meeting (AGM) in May 2012 to ensure that Ackermann stays within the bank, Die Welt am Sonntag said in an advance version of its Sunday edition, citing sources.

The bank’s supervisory board will meet tomorrow to discuss a successor for Ackermann and will also what role he might play in the future.

Ackermann had been due to retire in 2009, but Boersig’s inability to find an internal replacement forced the chief executive to extend his contract until 2013.

Anshu Jain, head of the UK investment bank, is understood to be on the cusp of being appointed co-head of the group, ending a lengthy search for a new chief executive.

He is likely to be joined by veteran Deutsche man Jürgen Fitschen – head of the bank’s German division.

But no decision has been made and any announcement can only be expected today at the earliest.

The mooted appointment of former Bundesbank governor Axel Weber was scuppered recently by Swiss rival UBS, which moved quickly to secure Weber as its new chairman.

Elevating Ackermann to the position of chairman will prove difficult because German corporate governance rules force members of the management board to wait two years before moving on to the supervisory board.