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Cerberus Urges Orderly Process After Commerzbank CEO Ouster

  • Corporate clients chief Boekhout emerges as lead CEO candidate
  • Cerberus wants chairman first before finding a chief executive
Roland Boekhout.

Roland Boekhout.

Photographer: Martin Leissl
Updated on

Cerberus Capital Management called for an “orderly process” to replace the chairman and chief executive officer of Commerzbank AG, who were both ousted in a shareholder revolt led by the U.S. buyout firm.

The firm -- a longtime Commerzbank investor which has became more activist in recent weeks -- signaled that a new chairman to replace Stefan Schmittmann should be appointed first, followed by a formal process to find a successor for CEO Martin Zielke, according to a statement late Sunday.