On Friday, Deutsche Bank (DBKGn.DE) announced that it would designate Dutch businessman Alexander Wynaendts as the next chairman under the supervisory board, beginning a new era for Germany’s biggest lender.
The previous chief executive of Aegon (AEGN.AS) will supersede Chairman Paul Achleitner, one of Germany’s most notable bankers. In May, he intends to step down after 10 laborious years that witnessed two chief executive transitions, billions of euros of losses, and massive penalties.
The European Central Bank has been compelling Deutsche Bank to select a nominee and present for an orderly transformation. “Alex Wynaendts has exactly the right personality and skills to ensure a continued trustful working relationship between both boards at Deutsche Bank,” Achleitner said in a statement.
Achleitner’s retirement will highlight the end of a particularly tumultuous decade for Deutsche Bank. The bank has turned to profit but persists under the heavy watch of governors who safeguard the well-being of the global financial order, of which the bank, one of the world’s biggest lenders, develops a significant part. The appointment of Wynaendts, a Dutchman, was unprecedented.
Achleitner had always favoured that a prevailing Deutsche Bank supervisory board member supersedes him, but the possibilities of an outsider taking up the role had recently dimmed.
That is because an outstanding option for the position, Theodor Weimer, who lies on the supervisory board, is also chief executive of Deutsche Boerse. Regulators have said privately that they would not permit him to operate both posts at once.
Deutsche Bank said that as CEO of Aegon from 2008 to 2020, “he redefined Aegon’s strategy, successfully transforming the company into a client-centric, purpose-driven and profitable organisation”. He is a part of the boards of Citigroup, Uber Technologies and Air France-KLM. He will now step down from the board of Citigroup.