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Commerzbank CEO Martin Zielke Offers To Resign; Chairman Quits

German lender Commerzbank AG's (CRZBY.PK) chief executive officer, Martin Zielke, offered a mutual termination from the office. The supervisory Board Chairman, Stefan Schmittmann, resigned with effect from 3rd of August 2020, the company said in a statement.

Martin Zielke said, "Even if we made strategic progress, the financial performance of the Bank has been and is unsatisfactory...I would like to open the way for a fresh start. The bank needs a profound transformation and a new CEO, who gets the necessary time from the markets to implement a strategy."

The company noted that the Presiding and Nomination Committee decided to recommend to the supervisory Board of the company to mutually terminate the appointment of Martin Zielke as Board Member and Chairman of the Board of Managing Directors of Commerzbank at a point in time to be agreed between Martin Zielke and the Supervisory Board but the latest by 31 December 2020. The Supervisory Board will decide on this in its meeting on 8th July 2020.

In May, Commerzbank reported a loss in its first quarter, compared to prior year's profit, hurt mainly by impacts from coronavirus pandemic.

The pre-tax result was loss of 233 million euros, compared to profit of 227 million euros last year.

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