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Big Deutsche Bank investors demand a succession plan for chairman - sources

Credit: REUTERS/Kai Pfaffenbach

Some major investors in Deutsche Bank are demanding a succession plan for Chairman Paul Achleitner, two people with knowledge of the matter said on Tuesday, amid discontent with the bank's turnaround.

Unrest comes ahead of AGM on Thursday

Achleitner's term expires in 2022

Deutsche Bank declines to comment for bank or Achleitner

Adds details, background

FRANKFURT, May 21 (Reuters) - Some major investors in Deutsche Bank DBKGn.DE are demanding a succession plan for Chairman Paul Achleitner, two people with knowledge of the matter said on Tuesday, amid discontent with the bank's turnaround.

Achleitner, whose term expires in 2022, is coming under pressure just days ahead of the bank's annual general meeting. The investors are calling for him to step down before the end of his term.

A spokesman for Deutsche Bank declined to comment for the bank and on behalf of Achleitner.

Achleitner's record of installing board members and overseeing the bank has been checkered, said one of the people, who spoke on condition of anonymity.

The time has come for him to take responsibility, the person said.

Deutsche Bank shares hit a record low on Monday and are down 36 percent since investors gathered for last year's meeting.

Regulatory lapses and low profitability have weighed on the lender over the past year.

Bloomberg reported earlier on Tuesday that there was increasing investor discontent with Achleitner.

(Reporting by Tom Sims Editing by Michelle Martin)

((Tom.Sims@thomsonreuters.com; +49 69 7565 1242; Reuters Messaging: tom.sims.thomsonreuters.com@thomsonreuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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