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Deutsche Bank’s chair has questions to answer following the departure of the CEO

Dr. Hans- Christoph Hirt, Head of Hermes EOS

“We welcome the clarity provided by the announcement following weeks of rumours, leaks and briefings around the position and succession of CEO John Cryan, and feel that Christian Sewing is a credible, internal candidate.”

“The chair, Paul Achleitner, now has questions to answer ahead of the AGM:

  • He hand-picked John Cryan in mid-2015, after overseeing the previous co-CEOs for three years. The appointment of Christian Sewing thus means the third CEO change during his six-year tenure. Why was it necessary to appoint a new CEO at this point (Cryan’s appointment was scheduled to end in 2020)?
  • He was closely involved in the development of Deutsche's current strategy. He has also overseen a number of strategic U-turns, not least regarding the bank’s retail business and asset management. What does the CEO change mean for the bank’s strategy, specifically the role of its Investment Bank, and its implementation?
  • Moreover, during his tenure as chair, there has been unusually high turnover on Deutsche's supervisory board. Does the bank’s nomination process work adequately?

“We look forward to discussing these questions with the chair and hearing from the new CEO how the bank plans to create value for shareholders and other stakeholders in the foreseeable future.”

For more information on our long-standing engagement with Deutsche Bank at all levels, please see media releases: 2017, 2016 and 2015 AGM statements.

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