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Commerzbank Elects Hans-Jörg Vetter As Chairman Of Supervisory Board

Commerzbank AG (CRZBY.PK) said Monday that its supervisory board elected Hans-Jörg Vetter as the future Chairman of the Supervisory Board. The German lender reportedly ignored opposition from its second largest shareholder, Cerberus Capital Management.

The appointment is subject to the judicial order for Vetter to become a member of the Supervisory Board. He is retired chief of a German regional bank. The judicial appointment is expected in the next few days, the bank said.

Last month, Commerzbank's supervisory board accepted the resignation of its chief executive officer.

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

The supervisory board Chairman, Stefan Schmittmann, would resign with effect from 3rd of August 2020.

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