The Supervisory Board of Deutsche Bank has appointed Christian Sewing as Chief Executive Officer with immediate effect. He succeeds John Cryan who will leave the bank at the end of this month.

Additionally, the Supervisory Board has appointed Management Board members Garth Ritchie and Karl von Rohr as new Presidents.

Christian Sewing, Deutsche Bank's new CEO, sent out the following message on his appointment https://t.co/XdZFYpEzZb pic.twitter.com/0LPwIv2ejH

— Deutsche Bank (@DeutscheBank) April 9, 2018

Sewing, born in 1970, has been a member of the Management Board since January 1, 2015. He was appointed as President in March 2017. Most recently he was responsible for Deutsche Bank’s Private & Commercial Bank (including Postbank) together with Frank Strauß. He was Head of Group Audit from June 2013 to February 2015, prior to which he held a number of management positions in Risk. Since joining in 1989 Sewing has worked for Deutsche Bank in Frankfurt, Hamburg, London, Singapore, Tokyo and Toronto. From 2005 until 2007, Sewing was a member of the Management Board of Deutsche Genossenschafts-Hypothekenbank. Before graduating with a diploma from the Bankakademie Bielefeld and Hamburg, he completed a bank apprenticeship at Deutsche Bank.

Paul Achleitner, Chairman of the Supervisory Board, said: “In his more than 25 years at Deutsche Bank Christian Sewing has proven himself a strong and disciplined leader. The Supervisory Board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era. We trust in the great ability of this bank and its many talents.”

Achleitner thanked the departing CEO: “Despite his relatively short tenure as CEO, John Cryan has played a critical role in the almost 150 year history of Deutsche Bank – and laid the groundwork for a successful future of the bank. The Supervisory Board in general and I personally are grateful for this. However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”

Marcus Schenck was not available for a position in the new management team, having informed the Supervisory Board before Easter that he intends to leave the bank after this year’s Annual General Meeting. Achleitner said: “We very much regret Marcus Schenck’s decision and thank him for his contribution in a crucial period for our bank. We wish him continued success for the future.”

Deutsche Bank’s Corporate & Investment Bank will be led by Ritchie who was previously Co-Head of the division with Schenck. The Private & Commercial Bank will be led by Strauß who was previously its Co-Head along with Sewing.

Source: Deutsche Bank