Deutsche Bank Proposes Board Members to Boost ExpertiseNicholas Comfort
Deutsche Bank AG, continental Europe’s biggest bank, proposed three new members for its supervisory board as Chairman Paul Achleitner sought to bolster the committee’s competencies in risk, finance and law.
The board proposed John Cryan, president for Europe at Singapore investment firm Temasek Holdings Pte, Dina Dublon, former chief financial officer at JPMorgan Chase & Co., and Georg Thoma, a partner at law firm Shearman & Sterling LLP, Frankfurt-based Deutsche Bank said in an e-mail today.
Deutsche Bank is among European banks seeking to offload riskier assets as a means to strengthen finances and meet more stringent capital rules. The lender is also being probed for alleged manipulation of benchmark interest rates.
Board members Karl-Gerhard Eick, previously CFO of phone company Deutsche Telekom AG, and Werner Wenning, the former chief executive officer of drug and chemical maker Bayer AG, will not stand for re-election at a May 23 shareholder meeting, Deutsche Bank said. Dublon will stand to replace Tilman Todenhoefer, ex-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.
German labor union Ver.di said it won six of 10 seats reserved for employee representatives on the 20-member supervisory board. The union’s president, Frank Bsirske, will be a member, Ver.di said in an e-mailed statement today.