Commerzbank AG, one of the leading European heavyweights in banking and financial service provider, has revealed that two of its senior-level executives are planning to step down from the firm in its latest announcement. As per the statement released by the firm, Mr. Martin Zielke – CEO / Chairman of the Board of Managing Directors has submitted a request to resign as a member of the board prior to the end of his actual term.
This request seems to have been considered by the presiding & nomination committee of the firm’s supervisory board and has agreed to terminate his board membership on a mutual basis.
The committee has also considered and decided to recommend his roles as Board member and Chairman of the Board of Managing Director at a point in time, which is set to be agreed upon by both parties in the upcoming meeting. The supervisory board will meet on the 8th of July 2020 to finally decide upon the exact timeframe/date on when Mr. Martin steps down from his role with a maximum deadline currently expected to be before 31st December 2020. Alongside Mr. Martin, the Bank is also seeing Mr. Stefan Schmittmann step down from his role as a member of the presiding and nomination committee. Stefan revealed his decision during the meeting today and has announced that this move will come into effect from the 3rd, of August 2020.
Speaking on the occasion, Mr. Martin Zielke said, “Under my leadership, we set the course for a digital future for Commerzbank in 2016. With the take-over of Comdirect, we have laid the ground for developing an innovative and robust business model for the Bank. Even if we made strategic progress, the financial performance of the Bank has been and is unsatisfactory. And as CEO, I bear the responsibility for that. As I want to assume this responsibility, I offered the mutual termination of my Board Membership to the Supervisory Board Committee at its meeting today. I would like to open the way for a fresh start. The Bank needs a profound transformation and a new CEO, who gets the necessary time from the markets to implement a strategy”.
Commenting on his move, Stefan said, “As Chairman of the Supervisory Board, I fully supported all the strategic decisions of the Executive Board. Commerzbank’s 5.0 strategy has not found sufficient acceptance in the markets. This is reflected in the share price. Therefore I have come to the conclusion that I am responsible too and should take my share of responsibility. This is why I am going to resign. There are profound changes ahead for the Board of Managing Directors, the Bank, and its employees. This will take a lot of strength and effort, and should be free from repeated discussions over my role”.
