Leadership changes: the Commerzbank share very much in demand

The investors on the German stock exchanges is apparently welcome the impending departure of Chairman of the Board Martin Zielke and Chairman of the Supervisory

Leadership changes: the Commerzbank share very much in demand

The investors on the German stock exchanges is apparently welcome the impending departure of Chairman of the Board Martin Zielke and Chairman of the Supervisory Board Stefan Schmittmann. The for months-stricken quotation to submit on Monday to more than 7 percent on last 4,443 Euro, and the strongest gains recorded in the broad-based F. A. Z. share index. With the withdrawal of Zielke and Schmittmann a Takeover of the Institute seem to come back on the agenda, said a dealer. The investors seemed to be of the opinion that "any new CEO, whoever that may be, will not make any worse job than his predecessor," said market analyst Michael Hewson from the broker CMC Markets. The credit rating Agency Moody's, however, was due to the leadership vacuum worries. The resignation of Zielke and Schmitt man cast questions on the future strategy and be negative for the credit rating of the Bank, said Moody's.

After a fierce dispute about the future direction of the Bank Chairman of the Board Martin Zielke as Chairman of the Supervisory Board Stefan schmittmann last Friday night, had announced their withdrawal. "I want to make the way for a new start," said Zielke. "The Bank needs a profound Transformation and for a new CEO, gets from the capital market, but also the time necessary for the implementation of a strategy."

Zielke had lost the backing of large investors. The financial investor Cerberus, with five percent, the second-largest shareholder in the Bank behind the Federal government, had spoken with his public criticism of the slow transformation of the group and the less ambitious plans of other large shareholders from the heart. Finally, Zielke presented after the failed merger talks with Deutsche Bank in the autumn of a strategy to the investors, and Bank supervisors, not a good hair left.

COMMERZBANK -- -- (--) Xetra tradegate London SE Int. Level 1Lang & Schwarz, Stuttgart, Frankfurt, Switzerland OTCWienSchweiz 1T 1W 3M 1J worked 3J 5J For detail view

For months, the 57-Year-old, therefore, a worsening of the savings rate and wanted to pay the plans, at the latest, the half-year at 5. August present. According to insiders, the deletion of every fourth workplace in the room with the removal of a total of 11,000 Points. Also could be closed with 400 branches, twice as many offices as planned. With the leadership vacuum of the time wobbles, however.

At the Supervisory Board meeting on Wednesday are likely to instead of the strategy, personnel issues are the focus. With voltage is observed, whether other members of the Supervisory Board or Manager take your hat, and who feeds in the control panel. Cerberus had been pushing for two seats on the Supervisory Board, was bitten, but in the case of Schmitt the man on granite.

As a possible internal candidates for the Zielke-the successor of the previous ING-Germany will be traded in-chief and current Commerzbank-corporate clients, chef Roland Boekhout as well as chief financial officer Bettina Orlopp. Several insiders, however, said that Commerzbank could afford no long leadership vacuum, should not rush the decision but also. So you need to look for external candidates. "Are you ... no Worries, there is an orderly process," he tried to Schmitt man to calm down in a in the Intranet of the Bank's published Interview with the employee. He wants 3 to of the. August stay on Board, Zielke want the latest departure at the end of the year.

Updated Date: 06 July 2020, 21:20

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