Deutsche Bank (NYSE:DB) has announced its latest nomination today, securing Paul Achleitner as Chairman of its Supervisory Board for a second term after successfully navigating the lender through several turbulent years, according to a Reuters report.
Mr. Achleitner has served as the Chairman of Deutsche Bank’s Supervisory Board since 2012. He enters his second term after a highly decorated career. Previously he held senior level roles at Bain and Company and Goldman Sachs, serving as its managing director. Back in 2000 he was admitted to the board of Allianz AG, which eventually paved the way for his appointment as the Chairman of the Supervisory Board of Deutsche Bank.
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Mr. Achleitner was also simultaneously cleared of any potential roadblocks to his appointment after an internal investigation absolved him of any wrongdoing with regard to Deutsche Bank’s LIBOR manipulation charges – the lender has been on the hook for $2.5 billion in fines from global regulators.
The decision to nominate Mr. Achleitner also represents a continuation of the status quo. Deutsche Bank has been through several successive quarters of lean revenues and profitability, leading to thousands of job cuts and an ambitious strategy to help restore confidence with shareholders.