Germany's Deutsche Bank AG (DB: Quote) on Friday appointed Stuart Lewis as Chief Risk Officer and Henry Ritchotte as Chief Operating Officer, effective June 1. They will be succeeding Hugo Bänziger and Hermann-Josef Lamberti, respectively, who have decided to step down from the Management Board and to leave the Bank on May 31. The company also named Stephan Leithner to head global Human Resources, Legal and Compliance and CEO for Europe.
As per reports, the company had planned to appoint William Broeksmit to the post of Chief Risk Officer. However, Lewis was selected as the country's financial regulator BaFin is of the view that Lewis is more suitable to the post. BaFin was reportedly concerned that Broeksmit did not have enough experience in managing such a large number of employees.
At present, Lewis is Deutsche Bank's deputy chief risk officer and head of risk for the corporate and investment bank.
In their new roles, Lewis, 46, will have oversight of market, credit and operational risk, and Ritchotte, 48, will take care of Technology, Operations and Strategy. Leithner, 45, as CEO for Europe will have oversight of the Bank's Regional Management in Europe, excluding Germany.
Clemens Börsig, Chairman of the Supervisory Board, said, "We thank Hugo and Hermann-Josef for their outstanding contributions to the Bank .... Hugo Bänziger has played a crucial role in helping the Bank get through the financial crisis. Thanks to Hermann-Josef Lamberti, the Bank today has an excellent, state-of-the-art infrastructure."
The company also announced that three members of its Supervisory Board will retire from the Board at the conclusion of the Annual General Meeting on May 31. They are Clemens Börsig, Maurice Lévy and Theo Siegert.
In addition, the Supervisory Board decided to propose that shareholders elect Paul Achleitner, Peter Löscher and Klaus Trützschler as their representatives at the Annual General Meeting.
It is also intended that Achleitner, currently a member of the Management Board of Allianz SE, be elected Supervisory Board chairman at the meeting of the Supervisory Board following the Annual General Meeting.
Deutsche Bank shares are currently trading at 38.82 euros, up 0.40 euros or 1.04 percent on Frankfurt's Xetra.
In the U.S., shares are currently at $50.97 in pre-market activity, up $0.50 or 0.99 percent.
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by RTT Staff Writer
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