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Commerzbank CFO Stephan Engels Not To Renew His Contract Beyond April 2020

German lender Commerzbank AG (CRZBY.PK) announced Thursday that its Chief Financial Officer, Stephan Engels, has informed the Chairman that he will not renew his contract, which runs until April 2020.

Supervisory Board Chairman, Stefan Schmittmann, acknowledged Engels' decision and said the company will organise an orderly succession process.

Engels has been Chief Financial Officer at Commerzbank since April 1, 2012, responsible for Group Finance, Investor Relations, Tax, Treasury and mBank. Previously, he was Head of Finance & Controlling at Mercedes-Benz and Head of Group Controlling and Reporting at Daimler AG.

He was also Chief Financial Officer at DaimlerChrysler Bank and DaimlerChrysler Services AG, and a member of the Mercedes-Benz Cars Executive Committee.

In Germany, Commerzbank shares were trading at 5.35 euros, up 1.71 percent.

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