Deutsche Bank AG (DBK), continental Europe’s largest bank, proposed three new members for its supervisory board as Chairman Paul Achleitner seeks to boost the committee’s competencies in risk, finance and legal issues.
The board proposed the election of John Cryan, president for Europe at Temasek Holdings Pte Ltd., Dina Dublon, the former chief financial officer of JPMorgan Chase & Co. (JPM), and Georg Thoma, a partner at law firm Shearman & Sterling LLP, Frankfurt- based Deutsche Bank said today in an e-mailed statement.
Board members Karl-Gerhard Eick, the former CFO of phone company Deutsche Telekom AG (DTE), and Werner Wenning, the former chief executive officer of drug and chemical maker Bayer AG (BAYN), will not stand for re-election at a May 23 shareholder meeting, Deutsche Bank said. Dublon will stand to replace Tilman Todenhoefer, the former deputy CEO of auto-parts maker Robert Bosch GmbH, at the beginning of November, according to the statement.
“We have successfully gained renowned experts in financial matters, market risk and legal issues to join us on the supervisory board,” Achleitner said in the statement. “I would like to express my thanks to the departing members and look forward to working together with the new members.”
In Germany, corporate law requires listed companies to be headed by a two-tier system with a management board responsible for day-to-day operations and a supervisory board, whose main task is to oversee the management board and appoint its members. Half of the supervisory board members represent employees, while the other half is elected by shareholders. The supervisory board chairman has two votes in case of a draw.
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