Qataris Mount Search for New Deutsche Bank Chairman
A prolonged slump in the German lander's fortunes is prompting top investors Deutsche Bank to look for its own candidates to replace its embattled chairman.
Representatives of Qatar's royal family are reportedly in talks with an international recruiting firm to screen possible candidates to replace Deutsche Bank chairman Paul Achleitner, according to a «Bloomberg» report (behind paywall).
The bank itself recently started looking for Achleitner's successor, but Achleitner himself is in charge of the nomination committee, the report noted, adding that Achleitner has said he plans to serve out his full term, which ends in 2022, despite an all-time low in shareholder support.
Deutsche Bank's largest shareholders are Qatari entities Paramount Services Holdings and Supreme Universal Holdings, both of which control 3.05 percent of shares. The former is controlled by former Qatar prime minister, Sheikh Hamad bin Jassim bin Jaber Al Thani, while the latter is controlled by his relative, former emir Sheikh Hamad bin Khalifa Al Thani.
Tumultuous Period
Achleitner has presided over the bank during a tumultuous period that has seen four CEOs and its stock price falling by 70 percent. As such, his Qatari backers are weighing their options and may force him out early. The Qataris also opposed a merger between Deutsche Bank and Commerzbank that Achleitner supported, floated earlier this year, «Bloomberg» said.
Achleitner has been chairman of the supervisory board of Deutsche Bank since May 2012. During his first four-year tenure, the bank's stock price fell by more than 50 percent. However, shareholders backed his re-elected to another term in 2017.
