Ex-Deutsche Bank Board Member Neske to Become CEO of LBBWby and
Neske was replaced by Christian Sewing in a 2015 reshuffle
Manager was also tipped for top job post at Commerzbank
Rainer Neske, the former head of consumer banking at Deutsche Bank AG, will become the next chief executive officer of state-owned regional lender Landesbank Baden-Wuerttemberg.
LBBW’s supervisory board appointed the 51-year-old as a management board member, starting in July, and as successor to Hans-Joerg Vetter, 63, from Nov. 1, the company said in a statement from Stuttgart on Tuesday.
Neske’s nomination was first reported by Der Spiegel.
Neske, dubbed “the honest face of Deutsche Bank” in fliers distributed by employees voicing their support for the departing board member last year, was replaced at the Frankfurt-based lender by Christian Sewing in a 2015 board reorganization.
“Landesbank Baden-Wuerttemberg already has a very good competitive starting position,” Neske said in the statement. “At the same time, the environment for banks will remain demanding for the foreseeable future.”
LBBW, bailed out by the state of Baden-Wuerttemberg, the city of Stuttgart and regional savings banks after a 2008 loss resulting from writedowns on the value of securities and credit derivatives, returned to profit three years later as it retrenched to focus on its core business of lending to German companies.
It said in November that it expected consolidated pretax profit for 2015 to come in “moderately higher” than the previous year after posting an increase in net income to 237 million euros ($265 million) from 234 million euros for the first nine months.
Neske had been tipped as a possible candidate to replace Commerzbank AG CEO Martin Blessing, who is stepping down when his contract expires in October.