REG-Commerzbank Aktiengesellschaft Commerzbank Lays Foundation for Leadership Transition

COMMERZBANK AGAnnouncement

24/09/2024 18:30

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   Commerzbank Aktiengesellschaft (CZB)
   Commerzbank Lays Foundation for Leadership Transition

   24-Sep-2024 / 19:29 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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     • Bettina Orlopp appointed as new CEO
     • Orlopp to take over as CEO upon the departure of Manfred Knof
     • Supervisory Board aims for the transition in the near future
     • Michael Kotzbauer appointed as new Deputy CEO

   The Supervisory Board of Commerzbank AG has redefined the responsibilities
   at the Group’s top management and appointed Bettina Orlopp (54) as the CEO
   and successor to Manfred Knof (59). The Supervisory Board aims for a
   transition in the near future. Knof had informed the Chairman of the
   Supervisory Board Jens Weidmann of his decision not to seek a second term
   as CEO at the beginning of September. Since then, the Presidential and
   Nomination Committee of the Supervisory Board has been engaged in a
   structured search for candidates both internally and externally and
   recommended the now-approved solution to the full Supervisory Board, which
   agreed unanimously. Additionally, Michael Kotzbauer (56), Member of the
   Board of Managing Directors responsible for Corporate Clients, has been
   appointed as Deputy CEO. Both will receive a contract for 5 years, when
   entering their new positions. Regarding the succession of the CFO role the
   Supervisory Board has started a structured search. In the transitional
   period after hand-over, Bettina Orlopp will take both functions in a dual
   role.

   Jens Weidmann, Chairman of the Supervisory Board, commented on the
   transition: “With Bettina Orlopp, we have found an ideal successor to lead
   Commerzbank. Both Bettina Orlopp and Michael Kotzbauer, as co-architects
   of Strategy until 2027, embody growth, profitability, customer focus, and
   collaboration. Clear responsibilities are crucial, especially in the
   current phase of the bank. My sincere thanks go to Manfred Knof, whose
   decisiveness and strategic foresight have greatly contributed to the
   bank's current success.”

   Bettina Orlopp said: “I am grateful for the trust of the Supervisory Board
   and all stakeholders of this exceptional bank. I am looking forward to
   this new challenge, which I take with respect but also with confidence and
   a fantastic team of Board Members at my side. As a leading bank,
   especially for the German Mittelstand, we will continue to create
   substantial value for our shareholders, customers and our employees.”
   Orlopp stated: “While we have a strategy that is effective, significant
   tasks lie ahead. Together with all our key partners, we will navigate
   through the challenges ahead of us successfully.”

   Manfred Knof joined Commerzbank as CEO on January 1, 2021, after previous
   roles at Deutsche Bank and Allianz. Bettina Orlopp joined Commerzbank in
   2014 and has been a member of the Executive Board since October 2017, most
   recently serving as CFO. Prior to that, she spent 19 years at McKinsey &
   Company. She holds a PhD in business administration, is married and has
   two children.

   Michael Kotzbauer has been a member of the Executive Board since the
   beginning of 2021 and is responsible for the Corporate Clients business.
   He began his career at Commerzbank as an apprentice in 1990. After
   studying business administration, he entered the Corporate Clients
   segment, holding various positions both domestically and internationally.
   The native New Yorker is married and has one child.

    

   Press contact
   For Commerzbank AG:
   Philipp Encz  +49 151 70 34 60 09
   For the Supervisory Board:
   Michael Best  +49 171 74 82 878

    

   About Commerzbank
   Commerzbank is the leading bank for the German Mittelstand and a strong
   partner for around 25,500 corporate client groups and almost 11 million
   private and small-business customers in Germany. The Bank’s two Business
   Segments – Private and Small-Business Customers and Corporate Clients –
   offer a comprehensive portfolio of financial services. Commerzbank
   transacts approximately 30% of Germany’s foreign trade and is present
   internationally in more than 40 countries in the corporate clients’
   business. The Bank focusses on the German Mittelstand, large corporates,
   and institutional clients. As part of its international business,
   Commerzbank supports clients with a business relationship to Germany,
   Austria, or Switzerland and companies operating in selected
   future-oriented industries. In the Private and Small-Business Customers
   segment, the Bank is at the side of its customers with its brands
   Commerzbank and comdirect: online and mobile, in the advisory centre, and
   personally in its branches. Its Polish subsidiary mBank S.A. is an
   innovative digital bank that serves approximately 5.7 million private and
   corporate customers, predominantly in Poland, as well as in the Czech
   Republic and Slovakia.

   Disclaimer
   This release contains forward-looking statements. Forward-looking
   statements are statements that are not historical facts. In this release,
   these statements concern inter alia the expected future business of
   Commerzbank, efficiency gains and expected synergies, expected growth
   prospects and other opportunities for an increase in value of Commerzbank
   as well as expected future financial results, restructuring costs and
   other financial developments and information. These forward-looking
   statements are based on the management’s current plans, expectations,
   estimates and projections. They are subject to a number of assumptions and
   involve known and unknown risks, uncertainties and other factors that may
   cause actual results and developments to differ materially from any future
   results and developments expressed or implied by such forward-looking
   statements. Such factors include the conditions in the financial markets
   in Germany, in Europe, in the USA and other regions from which Commerzbank
   derives a substantial portion of its revenues and in which Commerzbank
   holds a substantial portion of its assets, the development of asset prices
   and market volatility, especially due to the ongoing European debt crisis,
   potential defaults of borrowers or trading counterparties, the
   implementation of its strategic initiatives to improve its business model,
   the reliability of its risk management policies, procedures and methods,
   risks arising as a result of regulatory change and other risks.
   Forward-looking statements therefore speak only as of the date they are
   made. Commerzbank has no obligation to update or release any revisions to
   the forward-looking statements contained in this release to reflect events
   or circumstances after the date of this release.

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DE000CBK1001
   Category Code: MSCU
   TIDM:          CZB
   LEI Code:      851WYGNLUQLFZBSYGB56
   Sequence No.:  348840
   EQS News ID:   1994791


    
   End of Announcement EQS News Service

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