Commerzbank has announced that its CEO, Martin Zielke, will resign early on the basis of a mutual termination following a period of poor performance for the firm, leaving the bank by December 2020, while Stefan Schmittmann, its chairman, has resigned with effect from the 3 August.
Zielke commented, "Even if we made strategic progress, the financial performance of the bank has been and is unsatisfactory. And as CEO I bear the responsibility for that. As I want to assume this responsibility, I offered the mutual termination of my board membership to the Supervisory Board Committee at its meeting today. 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.”
Dr Schmittmann said, "As chairman of the supervisory board, I fully supported all the strategic decisions of the executive board. Commerzbank's 5.0 strategy has not found sufficient acceptance in the markets. This is reflected in the share price. Therefore, I have come to the conclusion that I am responsible too and should take my share of responsibility. This is why I am going to resign.”
In a regulatory filing, the bank said: "The Presiding and Nomination Committee of the Supervisory Board of Commerzbank has discussed in its meeting today the offer of Martin Zielke to resign early as a Board Member of Commerzbank AG on the basis of a mutual termination of his Board membership and, if in the view of the Supervisory Board, such resignation is in the interest of Commerzbank."
It continued: "The Presiding and Nomination Committee has decided to recommend to the Supervisory Board of Commerzbank 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. Stefan Schmittmann has announced to resign from office at today's Presiding and Nomination Committee meeting with effect from the 3rd of August 2020."
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