Deutsche Bank AG is considering proposing Chief Financial Officer James von Moltke as chairman of its investment arm as the lender prepares a reshuffle of some leadership responsibilities.
(Bloomberg) — Deutsche Bank AG is considering proposing Chief Financial Officer James von Moltke as chairman of its investment arm as the lender prepares a reshuffle of some leadership responsibilities.
The management board led by Chief Executive Officer Christian Sewing is leaning toward von Moltke as successor to Karl von Rohr, who is set to vacate the role of DWS Group chairman when he leaves the bank later this year, people familiar with the matter said, asking not to be named discussing the private information.
No final decision has been made and an announcement isn’t imminent. DWS said last week it’s starting “a thorough search process” for a new chairman that may last several months.
Representatives for Deutsche Bank and DWS declined to comment.
An appointment as chairman would further elevate von Moltke’s profile at Deutsche Bank after his promotion to president last year already made him second-in-command at Germany’s biggest lender. The CFO has been a key ally of Sewing during his turnaround of the lender over the past years, and a regular contact for investors.
Von Rohr will step aside as DWS chairman at the end of October, when he will also leave Deutsche Bank’s management board. Deutsche Bank is considering taking that opportunity to shrink the management board and shift around some responsibilities, Bloomberg has reported.
Von Moltke wouldn’t need to change his roles as CFO and deputy CEO of Deutsche Bank, as von Rohr also served as the lender’s deputy CEO and head of private banking in addition to his DWS responsibility. To become chairman, von Moltke would first have to be appointed to DWS’s board of directors, which could happen at the annual general meeting on June 15.
Von Moltke is already a member of DWS’s joint committee, a governance body that sits between the supervisory board and its management board.
–With assistance from Ambereen Choudhury.
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