By Dow Jones Business News,
February 18, 2014, 01:55:00 PM EDT
FRANKFURT--The former chief executives of two high-profile German companies, Deutsche Bank AG and Siemens AG, have
signed on to run the holding company of Russian oligarch Viktor Vekselberg.
Josef Ackermann and Peter Löscher, who both left their past positions amid controversy, will join the board of
Mr. Vekselberg's Zurich-based holding company Renova Management AG, or RMAG, and "mainly focus on managing [Renova
group's] international assets," the Swiss firm's Russian parent company, Renova Group, said Tuesday.
Renova's international assets currently consist of two Swiss machinery manufacturers. The company holds a 44% stake in
OC Oerlikon Corporation AG and 32% of Sulzer AG's shares. A "number of additional assets" will be added, Renova said.
Mr. Löscher, the former CEO of Siemens, will become CEO of RMAG. Mr. Ackermann, formerly CEO of Deutsche Bank,
will become a new board member of RMAG. Two other new RMAG board members announced are Orit Gadiesh, chairman of
consulting firm Bain & Co., and Vladimir Kuznetsov, who is on the board of Renova Group.
Mr. Löscher was ousted by the Siemens board in July following a string of financial disappointments and strategic
missteps. Mr. Ackermann was one of the world's most powerful and controversial bankers during his decadelong tenure at
Deutsche Bank, which ended in May 2012.
Mr. Ackerman stepped down in August as chairman of Zurich Financial Group because he said he partially was being
blamed for the apparent suicide of the company's chief financial officer. A probe at the insurance group later cleared
Mr. Ackermann and other board members of any inappropriate behavior.
The appointments of Messrs. Löscher and Ackermann provide RMAG "with the best international management and
governance practices and will ensure its transparency and focus for the next phase of development, involving further
growth and international expansion," Mr. Vekselberg said in a news release. Mr. Vekselberg will keep the role as
chairman of the board of directors of his Renova Group of companies.
Mr. Löscher said in a statement that joining Renova allows him to be entrepreneurial and use his international
experience. A spokesman for Mr. Ackerman declined to comment.
Renova Group holds stakes in companies involved in telecommunications, mining, financial services and other
Sarah Sloat contributed to this article.
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