New chairman of the supervisory board – major investor announces resistance

The semi-state Commerzbank has a new head of the supervisory board: the former managing director of Landesbank Baden-Württemberg takes over the chairmanship of the body. A major investor has announced resistance.

Former CEO of Landesbank Baden-Württemberg Hans-Jörg Vetter to lead Commerzbank supervisory board . The watchdog elected Vetter as president at its Monday meeting, as announced by Commerzbank in Frankfurt.

At Commerzbank, a management vacuum appeared in early July, the chairman of the supervisory board Stefan Schmittmann and the CEO of the group Martin Zielke having announced their resignation after criticism from investors. Financial investor Cerberus had publicly criticized harshly.Hans-Jörg Vetter, the new head of the supervisory board of Commerzbank. (Source: Christoph Schmidt / dpa)

Earlier in the conversation as head of the supervisory board

Vetter headed Landesbank Baden-Württemberg (LBBW) from 2009 to 2016 and was previously in conversation for the top of the supervisory board of Commerzbank. In 2016, however, the choice fell on Stefan Schmittmann, who resigned on Monday. Vetter gained extensive restructuring experience at LBBW, which struggled during the financial crisis from 2007.

In addition, he restructured the former Bankgesellschaft Berlin, which had made a mistake with the real estate commitments. Cerberus had resisted Vetter even before the council meeting.

The bank will prematurely terminate the contract with Commerzbank boss Martin Zielke no later than December 31, 2020. The management crisis hits Commerzbank amid debate over a new strategy. According to reports, plans are now on the table to significantly bolster job cuts and agency closures to make MDax Group more profitable.

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