Commerzbank AG (CRZBY.PK) said Sunday that it has appointed Martin Zielke, 53, to succeed Martin Blessing as Chairman of the Board of Managing Directors. Martin Blessing's term of office will end on 30 April 2016.
In November 2015, Commerzbank said that its Chairman of the Board of Managing Directors and Chief Executive Office Martin Blessing informed Supervisory Board Chairman Klaus-Peter Müller that he would fulfill his contract, which runs until the end of October 2016, but he would not accept the offer to extend his term
The company today noted that it appoint Michael Mandel and Bettina Orlopp as members of the Bank's Board of Managing Directors. These decisions are still subject to regulatory approval.
Michael Mandel (49), currently Divisional Board member responsible for Private Customers, is expected to succeed Mr Zielke as the member of the Board of Managing Directors with responsibility for the Bank's Private Customers business.
Bettina Orlopp (45), currently Divisional Board member for Group Development & Strategy, will be responsible, as a member of the Board of Managing Directors, for the new Board portfolio Compliance, Human Resources and Legal.
The present assignment of responsibilities among the members of the Board of Managing Directors for these functions is as follows: Compliance (Stephan Engels), Human Resources (Frank Annuscheit), Legal (Martin Blessing, and Martin Zielke from 1 May 2016 onwards).
Orlopp will fulfil her new duties in the capacity of Senior General Manager until her appointment to the Board of Managing Directors becomes effective. Until then, the distribution of responsibilities amongst the members of the Board of Managing Directors will remain unchanged. Successors to Michael Mandel and Bettina Orlopp in their current functions will be appointed by the Board of Management Directors in due course.
Martin Zielke started his professional career with Dresdner Bank in 1990, including a sales management position in Hamburg. He joined Deutsche Bank 24 in 2000, as regional head of portfolio investment, before moving to Deutsche Hyp, as regional head of financing Retail banking. In 2002, Mr Zielke was appointed Group Manager, Retail Banking, at Commerzbank. Three years later, he moved to the Mittelstandsbank, as Group Manager, Corporate Banking. In April 2006, he was appointed CFO of Eurohypo; he returned to Commerzbank in 2008, as Divisional Board Member for Group Finance. Mr Zielke has been a member of Commerzbank's Board of Managing Directors since November 2010, with responsibility for the Private Customers division.
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