Commerzbank: CEO and chairman both resign
(CercleFinance.com) - Late on Friday Commerzbank said CEO Martin Zielke will step down by the end of the year at the latest.
The German bank added that its supervisory board chairman, Stefan Schmittmann, has also resigned, with effect from 3 August.
The lender said its presiding and nomination committees have decided to recommend to "mutually terminate" the appointment of Martin Zielke at a time that is still to be agreed between Zielke and the board.
The board will decide on this in its meeting on 8 July.
In a statement, Zielke admitted that the bank's financial performance has been "unsatisfactory", and said he wants to take his share of responsibility for this.
Chairman Schmittmann admitted that the group's strategy "has not found sufficient acceptance in the markets," which is "reflected in the share price".
The market cheered this news, with Commerzbank shares up over 5% in Frankfurt on Monday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The German bank added that its supervisory board chairman, Stefan Schmittmann, has also resigned, with effect from 3 August.
The lender said its presiding and nomination committees have decided to recommend to "mutually terminate" the appointment of Martin Zielke at a time that is still to be agreed between Zielke and the board.
The board will decide on this in its meeting on 8 July.
In a statement, Zielke admitted that the bank's financial performance has been "unsatisfactory", and said he wants to take his share of responsibility for this.
Chairman Schmittmann admitted that the group's strategy "has not found sufficient acceptance in the markets," which is "reflected in the share price".
The market cheered this news, with Commerzbank shares up over 5% in Frankfurt on Monday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.