At the end of the leadership crisis, Commerzbank has a new chief watchdog

The Supervisory Board of Commerzbank has chosen on Monday, Hans-Jörg Vetter, the future Chairman of the Supervisory Board. Thus, the Federal government was thei

At the end of the leadership crisis, Commerzbank has a new chief watchdog

The Supervisory Board of Commerzbank has chosen on Monday, Hans-Jörg Vetter, the future Chairman of the Supervisory Board. Thus, the Federal government was their candidate and finished a part of the leadership crisis, the Commerzbank. The German state, with almost 16 percent of the company's largest shareholder and two of twenty Supervisory Board members. Cousin, soon to be 68 years old and formerly Chairman of the Board of Landesbank Baden-Württemberg and Landesbank Berlin, is considered to be consistent and independent of active renovators.

Hanno Mußler

editor in the economy.

F. A. Z.

As Vetter but is not without controversy, was expected the meeting of the Supervisory Board with voltage. However, according to interviews on Monday morning signaled the Supervisory Board of the F. A. Z., that workers ' representatives Vetter will support in an election. Late in the afternoon, a representative for Vetter voted according to information from the F. A. Z. in fact, all ten workers. (Who is Hans-Jörg Vetter? Click here to read a portrait.)

A job loss is imminent

the Supervisory Board was Accompanied to the meeting by the sharp criticism of the since June, 2017, with around 5 per cent of the shares in Commerzbank's second-largest shareholder, Cerberus to cousin. After the past few days dissatisfaction of the financial investor with the staff proposal of the Federal government to the outside was a stocky, wrote Cerberus a letter to all Supervisory Board members, the third in two months. Cerberus has lost his shares in Commerzbank to around 450 million euros and is not represented in the Supervisory Board. In June, the financial investor called for two Supervisory Board mandates, and criticized the Board violently.

Then were a month ago, the Chairman of the Board Martin Zielke and the Chairman of the Supervisory Board Stefan Schmittmann at the same time your Posts. In the search for a successor for Schmitt, man, Cerberus turned on for a long time hardly – it was only when the staff proposal, the Federal government became known, and without having informed his recognizable Trouble of the financial investor in advance had been. In his most recent letter with the date of 2. August, a day before the crucial meeting, offers Cerberus now, two candidates of the appropriate as a cousin. In the context of the Federal government, this was interpreted as a later attempt by a frustrated Investor – finally, the Federal government had determined long since to cousin.

However, it had been on Monday morning, still open, how the workers cousin would. Is you face in the next few months, given the low profits and high costs, the Commerzbank is a painful job cuts. Although cousin has painted in his time at LBBW every fourth place, selected all of the employees ' representatives at Commerzbank's Supervisory Board on Monday cousin. His choice was made, although the district court and not even for the simple Supervisory Board member is appointed. This order is expected in the next few days, said the Commerzbank, on Monday evening.

the end of the most serious leadership crisis

With cousin already choice was not subject to the court order, a different scenario occurs. As had been previously contemplated, that Uwe Tschäge, Chairman of the Commerzbank works Council, will temporarily assume the chairmanship. That would have been unusual, because usually, the owner accepts page also in tripartite Supervisory boards of the chair. One of the rare counter-examples occurred in April of 2015 in the VW group, as the Chairman Ferdinand Piëch and his wife Ursula left after a scandal, the Supervisory Board and the Union leader Berthold Huber took over for six months in the chair.

Updated Date: 03 August 2020, 13:20

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