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Deutsche Bank chairman to hold call with board over CEO – sources

FRANKFURT (Reuters) – The possible replacement of Deutsche Bank (DBKGn.DE) CEO John Cryan could be discussed on a supervisory board call scheduled on Sunday evening by Chairman Paul Achleitner, two people familiar with the matter told Reuters.

Deutsche Bank CEO John Cryan during the bank’s annual news conference in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski

Achleitner has invited the supervisory board to an “Update Call”, the sources said on Saturday on condition of anonymity.

The possibility of a major announcement could not be ruled out, they said.

One of the sources said that an external candidate to succeed Cryan was more likely than an internal candidate.

German newspaper Handelsblatt first reported news of the call. A spokesman for Deutsche Bank declined to comment.

The unscheduled board teleconference comes after two weeks of turmoil over the bank’s leadership.

Achleitner has initiated a search to replace Cryan, two people familiar with the matter told Reuters on March 27, following a flurry of negative headlines after the bank reported a third consecutive annual loss.

After reports of the CEO search emerged, Cryan wrote in a memo to staff that he was “absolutely committed” to the bank but Achleitner remained silent, to the chagrin of major investors who wanted clarity from him.

But in recent days, Achleitner has broken his silence and reached out to some major investors, according to two other people with knowledge of the matter.

Achleitner was criticized by two major investors this week over the bank’s performance and his handling of a search for a new chief executive.

Reporting by Tom Sims and Hans Seidenstuecker; additional reporting by Christoph Steitz; editing by Jason Neely

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