Michael Mandel has decided to leave his position as Executive Board Member for the Private and Small Business Customers (PSBC) segment at Commerzbank (CZB.L), the German lender announced this Thursday.
According to a statement filed through the London Stock Exchange (LSE) today, Mandel offered a ‘mutually agreed termination’ of his contract to the Supervisory Board of the bank, which decided to accept his offer.
Therefore, Mandel will conclude his duties with the German bank, and will no longer be on the Board of Managing Directors from 30th September 2020. During the interim, Sabine Schmittroth will take on Mandel’s role from 1st October 2020. Marcus Chromik, Chief Risk Officer, on the other hand, will assume the responsibility for Compliance.
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Commenting on Mandel’s exit, the CEO of Commerzbank, Martin Zielke said in the statement: “I would like to thank Michael for a close and trusted cooperation. I know Michael as a colleague who has always fought for the Bank with passion and a great deal of personal commitment. I wish him all the best for his private and professional future.”
Michael Mandel Joined Commerzbank in 2002
Mandel first started his career in the banking industry in 1996, joining Dresdner Bank. From here, he moved to McKinsey and then onto Commerzbank in 2002, initially joining as the Divisional Head for Business Development.
During his long tenure with the German lender, Mandel has been the Divisional Board Member for Private and Business Customers, CEO of Comdirect Bank AG in Quickborn and Divisional Board Member for Private Clients. He took on his most recent role in May of 2016.
“Michael has shaped Commerzbank’s private customer business. He has had a significant impact on the successful development of the segment and deserves gratitude and respect for it,” added Hans-Jörg Vetter, the Chairman of the Supervisory Board.