Ackermann Plans to Serve as Deutsche Bank Chief Until End of May

Deutsche Bank AG (DBK) Chief Executive Officer Josef Ackermann, rejecting a report in Handelsblatt that some management board members are pushing for him to step down, said he will stay as planned until the end of May.

Ackermann led the management board meeting at which Handelsblatt said some executives suggested an early departure, and the subject didn’t arise, the CEO told reporters at the European Banking Congress in Frankfurt.

“It’s completely made up,” he said. “I’m staying until the end of May.”

Three days ago, Ackermann abandoned a plan to become supervisory board chairman of Germany’s biggest bank in 2012, when Juergen Fitschen and Anshu Jain are scheduled to replace him in a dual leadership. He said that day that tackling Europe’s debt crisis hasn’t given him the time to win support for the move that requires approval by shareholders representing at least 25 percent of Deutsche Bank’s voting rights.

Deutsche Bank nominated Paul Achleitner, the finance chief of insurer Allianz SE (ALV), instead.

Ackermann, 63, Deutsche Bank’s CEO for the last nine years, had been set to replace Clemens Boersig as chairman in May. The original plan, announced in July, drew criticism from politicians including Wolfgang Bosbach, a member of Chancellor Angela Merkel’s Christian Democratic Union, because it ran counter to German corporate governance rules.

Ackermann made his decision to drop his candidacy a few weeks ago after initial talks with investors showed he may not have their backing because of governance concerns, according to two people familiar with the matter who declined to be identified.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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