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Commerzbank Leaders Toppled in Cerberus-Led Investor Revolt

  • CEO Martin Zielke offers to step down before year-end
  • Chairman Stefan Schmittmann to leave the bank next month
Martin Zielke
Martin ZielkePhotographer: Alex Kraus/Bloomberg
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Commerzbank AG’s leadership was toppled in a shareholder revolt led by Cerberus Capital Management after failing to turn around a lender that’s struggled since its bailout in the financial crisis.

Chief Executive Officer Martin Zielke, in the job for just over four years, has offered to resign, though the bank’s supervisory board still has to accept his resignation and set a date, Commerzbank said late Friday. Chairman Stefan Schmittmann will leave Aug. 3.