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Commerzbank CEO Blessing Won't Extend His Contract Beyond 2016

  • Blessing's contract is due to run through October 2016
  • CEO says bank is on track to becoming "sustainably successful"
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Martin Blessing, who led Commerzbank AG for seven years, won’t extend his contract when it expires in 2016, becoming the latest chief executive officer to join an unprecedented wave of management changes at Europe’s banks.

The CEO’s term is due to run until October, and he was offered an extension but declined, the Frankfurt-based bank said in a statement Sunday.