Commerzbank nominates new chairman amid big revamp

FRANKFURT (Reuters) -The German lender Commerzbank said on Sunday that its supervisory board would nominate Helmut Gottschalk as chairman of the bank, filling a vacuum as it goes through a radical overhaul. It had launched a search for a new chair this month after Hans-Joerg Vetter resigned for health reasons. Germany's second-biggest lender is shedding thousands of jobs and closing hundreds of branches

Reuters March 29, 2021 02:05:48 IST
Commerzbank nominates new chairman amid big revamp

Commerzbank nominates new chairman amid big revamp

FRANKFURT (Reuters) -The German lender Commerzbank said on Sunday that its supervisory board would nominate Helmut Gottschalk as chairman of the bank, filling a vacuum as it goes through a radical overhaul.

It had launched a search for a new chair this month after Hans-Joerg Vetter resigned for health reasons.

Germany's second-biggest lender is shedding thousands of jobs and closing hundreds of branches. Its largest shareholder is the German government, after a bailout during the last financial crisis.

The search process had a hiccup last week when one candidate for the seat unexpectedly resigned from the board.

As a result, the bank postponed its annual general meeting scheduled for early May.

Gottschalk spent 15 years on the supervisory board of Germany's DZ Bank and served as its chair from 2010 to 2018.

He will be nominated to Commerzbank's supervisory board at the annual general meeting, and immediately after the meeting, he will be elected chairman, Commerzbank said.

The bank still has an open board seat. Commerzbank said it expected "a swift solution" for the vacancy "so that the AGM can be scheduled at short notice".

(Reporting by Tom Sims and Patricia Uhlig; Editing by Kevin Liffey)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

How Biden's agencies are picking apart Trump's Wall Street-friendly measures
Business

How Biden's agencies are picking apart Trump's Wall Street-friendly measures

(In first paragraph, fixes hyperlink to story) By Katanga Johnson WASHINGTON (Reuters) -U.S.

GM marketing spend will return to normal levels post pandemic
Business

GM marketing spend will return to normal levels post pandemic

By Ben Klayman DETROIT (Reuters) - General Motors Co's marketing and promotional spending will return to normal levels after the COVID-19 pandemic caused that budget to drop last year, the U.S. automaker's top marketing officer said on Monday. "What we went through in the pandemic was certainly severe and we should be moving back up to our normalized levels," GM Chief Marketing Officer Deborah Wahl said in an online appearance at a Reuters Events conference.

White House to zero in on chip shortage in meeting with company officials
Business

White House to zero in on chip shortage in meeting with company officials

By Nandita Bose WASHINGTON (Reuters) - U.S. President Joe Biden will urge Congress to invest $50 billion in semiconductor manufacturing and research when he meets with top executives from nearly 20 major companies on Monday about the global chips shortage that has roiled the automotive industry and technology firms. The push is part of his broader focus on rebuilding U.S