- Former Standard Chartered banker may chair audit comittee
- Cryan stepped down to take over as co-CEO from Anshu Jain
Deutsche Bank AG, which runs Europe’s largest investment bank, nominated Standard Chartered Plc’s former Finance Director Richard Meddings to join its supervisory board.
Meddings, 57, will replace John Cryan, 54, who became the company’s co-chief executive officer in July, the Frankfurt-based bank said in a statement on its website on Monday. He is also set to assume Cryan’s previous role as chairman of the board’s audit committee, according to the statement.
Cryan is preparing to overhaul the company after investors failed to warm to a strategy his predecessor, Anshu Jain, presented in April. Germany’s largest bank is seeking ways to shrink assets to meet stricter capital requirements and improve oversight to avoid a repeat of the billions of dollars in misconduct fines that have hurt earnings in the last three years.
“He brings with him a wealth of international experience and also expertise in finance, treasury and risk as well as in corporate governance and strategy,” Deutsche Bank supervisory board Chairman Paul Achleitner said in the statement, commenting on Meddings.
Deutsche Bank said it has filed an application for Meddings to join the board up until its annual shareholder meeting in May, when he will stand for election by shareholders
Meddings, a British citizen, is currently a non-executive director of the U.K. Treasury. He left Standard Chartered in 2014 after 12 years including eight as group finance director. He was previously with Barclays Plc and Credit Suisse Group AG, according to the statement.