Commerzbank Nominates Helmut Gottschalk As Chairman Of Supervisory Board

Germany's Commerzbank AG (CRZBY.PK) said Sunday that it will nominate Helmut Gottschalk as its chairman of supervisory board. He will succeed Hans-Jörg Vetter, who resigned from office on 16 March for health reasons.

Gottschalk served for a total of 15 years on the Supervisory Board of the cooperative central bank DZ Bank AG, which he successfully led as Chairman from 2010 to 2018.

Commerzbank's Supervisory Board moved ahead quickly with the selection process for its new Chairman. The company also expects the Supervisory Board to find a swift solution for the remaining vacancy, so that the Annual General Meeting can be scheduled at short notice and shareholders can be invited accordingly, the company said in a statement.

Commerzbank said in January that it would reduce about 10,000 jobs by 2024. It would also reduce branches to 450 locations across Germany from the current level of 790, as part of its restructuring. Costs would be reduced by 1.4 billion euros or around 20 percent by 2024.

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