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Commerzbank Supervisory Board Accepts CEO Resignation

Commerzbank AG (CRZBY.PK) said that its supervisory board accepted the resignation of its chief executive officer at a meeting on Wednesday.

The German lender also said that the chief executive officer Martin Zielke has declared his willingness to continue to perform his duties until a successor has been appointed. He will step down from his office the latest on 31 December 2020.

On Friday, Zielke offered a mutual termination from the office. Similarly the supervisory board Chairman, Stefan Schmittmann, resigned with effect from 3rd of August 2020.

Meanwhile, the company has presented strategic options to the board, which included elimination of 10,000 jobs, closure of 500 branches, and restructuring costs of 1.5 billion euros, Reuters reported on Wednesday citing two people familiar with the matter.

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