Commerzbank has announced the changes made to the board. Michael Reuther, board member for Corporate Clients, has notified the supervisory board that he is happy to fulfil his contract, which runs to the end of September 2019, but that he would decline a potential offer to extend his contract.
At the same meeting, chief operating officer Frank Annuscheit has announced his depature on 28 February 2019 on health grounds.
Jörg Hessenmüller,currently divisional board member for the Group division Digital Transformation & Strategy, has been named as Frank Annuscheit's successor.
Hessenmüller's appointment to the board of Managing Directors with effect from 1 January 2019 is still subject to the approval of the supervisory authorities.
Reuther said: "I have always found my work at Commerzbank and with my fellow Board members very enjoyable. But after what will be 13 years on the Commerzbank Board, I would like to embark on a new chapter in my professional life. Under my current life plans, extending my contract is no longer an option.
Annuscheit said: "I have been responsible for the bank's IT and operations areas for 15 years, 11 of them as a member of the board. That is a long time with a lot of transformations which have left their mark on me both professionally and personally. So the decision to withdraw from operational business did not come easily. But it is now time for me to focus on other priorities."