Magazine – Major shareholders target the head of Deutsche Bank AR

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Paul Achleitner holds his speech at the annual shareholders' meeting of the largest German business bank, Deutsche Bank, in Frankfurt, Germany, on May 23, 2019. REUTERS / Kai Pfaffenbach

Frankfurt (Reuters) – Major shareholders of Deutsche Bank are engaged in a premature replacement of the chairman of the supervisory board, Paul Achleitner, according to a report by the magazine.

"Concrete mind games" exist to replace Achleitner before the end of his term in 2022, Spiegel magazine reported Friday without specific information from sources. No potential candidate had yet been pronounced, but at the beginning of the year the research should be intensified.

As reported by the magazine, we are looking for a personality with an international network, the best connections with political, commercial and supervisory authorities in Germany and a high credibility on the capital markets. This profile applies, for example, to Nikolaus von Bomhard, president of the supervisory board of Munich Re. Even the president of the Bundesbank Jens Weidmann was appointed. The Bundesbank declined to comment. It was not possible to reach Bomhard's office for comment. Deutsche Bank explained that succession issues on the Supervisory Board are clearly regulated and prepared by the Nomination Committee.

Achleitner has been a member of the supervisory board since 2012. He is criticized by many shareholders. He is accused, for example, of not having had a happy hand in staff decisions and of having been in risky banking investment for a long time. In the last annual general meeting he was discharged with only 71.6 percent of the capital present, no member of the Supervisory Board received less approval. He had ruled out a withdrawal.

The Supervisory Board of Deutsche Bank has recently undergone some changes: the lawyer Stefan Simon, for example, joined the board of the institute and was replaced by Dagmar Valcarcel on the supervisory board. The former member of the UBS board of directors Jürg Zeltner, who replaces the British Richard Meddings, is moving there. Zeltner is the head of the Luxembourg private banking group KBL European Private Bankers, behind which is the family in power of Qatar Al-Thani, which in turn is an important shareholder of Deutsche Bank. Simone was also a confidant of the sheikhs.

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