Deutsche Bank (DG) Appoints John Cryan as New CEO
PUBLISHED ON: Jun 8, 2015
Shares of Deutsche Bank AG (DB) were trading up +1.77 or +5.78 percent to $32.40 per share in Monday's premarket after the company announced it was appointing John Cryan as the company's new Co-Chief Executive Officer, replacing two co- executive officers that said they would step down. Deutsche Bank stock closed at $30.63 per share, down -0.71 or -2.27 percent in Friday's regular trading session.
Founded in 1870, Frankfurt, Germany based Deutsche Bank AG is a worldwide financial services and banking corporation operating in more than 70 countries and employing over 100,000 people globally.
On June 7th, the bank announced the resignation of co-Chief Executive Officers Juergen Fitschen and Anshu Jain. The two were formerly employed as head of German business and head of investment banking respectively for the firm and were appointed to the positions in July of 2011 replacing then Chief Executive, Josef Ackerman beginning in 2012.
After the bank announced the resignations of Fitschen and Jain, the Supervisory Board of the bank decided at an extraordinary meeting to appoint John Cryan to the position of co- Chief Executive effective July 1st, 2015. Mr. Fitschen was asked by the Supervisory Board to remain in his current role until the company's general shareholder meeting on May 19th, 2016 to ensure a smooth transition.
Mr. Jain, who will step down from his role on June 30th, 2015, was asked by the Supervisory Board to remain as a consultant with the bank from July 1st, 2015 until January of 2016. The contracts for the two exiting Co-Chief Executive were supposed to expire on March 31st, 2017. After the company's shareholder meeting on May 19th, 2016, Mr. Fitschen will depart and Mr. Cryan will become the sole Chief Executive for the firm.
Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank, said in the company's press release that, "We are pleased to have appointed John Cryan as Co-Chief Executive Officer. John is not only a seasoned banker with extensive experience in financial matters but also espouses the professional and personal values required to advance Deutsche Bank and Strategy 2020. He knows the bank well, and we are convinced that he is the right person at the right time. We wish John and all of our employees' success in this important next phase for the bank.
John Cryan has been a member of the bank's Supervisory Board since 2013 and served as a member of the Risk Committee and as Chairman of the Audit Committee. Mr. Cryan will step down from his role in the Supervisory Committee upon becoming Co-Chief Executive. Investors are optimistic, reflecting their opinion in the price of Deutsche Bank stock, which is up almost six percent in this morning's premarket.
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