Deutsche Bank chairman to hold call with board over CEO John Cryan

Finance


The possible replacement of Deutsche Bank Chief Executive John Cryan could be discussed on a call with board members scheduled on Sunday evening by Supervisory Board Chairman Paul Achleitner, German newspaper Handelsblatt reported.

Achleitner has invited the supervisory board to an “Update Call”, the paper reported, adding the invite did not contain further information about the call’s possible content.

But it quoted supervisory board sources as saying Achleitner might give information about the possible replacement of Cryan, the British chief executive officer who has been in office less than three years.

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

Handelsblatt cited financial sources as saying that Cryan could be replaced before Deutsche Bank’s annual general meeting, which is scheduled for May 24.

A spokesman for Deutsche Bank declined to comment.



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