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Commerzbank Appoints Deutsche Bank Executive Manfred Knof As CEO

September 28, 2020

(RTTNews) – Commerzbank AG (CRZBY.PK) has appointed Deutsche Bank’s German retail head Manfred Knof as its new chief executive officer, effective from 1 January 2021.

He will succeed current chief executive officer, Martin Zielke, who resigned along with supervisory board chairman Stefan Schmittmann in July after he acknowledging that the financial performance of the bank was unsatisfactory.

Zielke will remain Commerzbank’s chief executive officer until 31 December 2020.

Their resignations followed months of criticism from the German lender’s main shareholders – the German government and Cerberus Capital Management – of the bank’s poor performance and lack of direction.

Commerzbank said in August that its supervisory board elected Hans-Jörg Vetter as the future Chairman of the Supervisory Board.

In May, Commerzbank reported a loss in its first quarter, compared to prior year’s profit, hurt mainly by impacts from coronavirus pandemic.

The pre-tax result was loss of 233 million euros, compared to

Commerzbank Picks Deutsche Bank’s Knof as CEO to Drive Overhaul

September 27, 2020

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Commerzbank AG passed over internal frontrunners in favor of an executive with a reputation for tough cuts at its biggest rival to push through one of the largest restructuring programs in its history.

Manfred Knof, 55, head of German retail banking at Deutsche Bank AG, takes over from Martin Zielke as Commerzbank chief executive officer on Jan. 1, according to a statement this weekend. His main task: overseeing a turnaround that may lead to about 10,000 jobs cuts, Bloomberg News has reported.

“Manfred Knof is an experienced and highly effective top manager who has proven himself in a wide range of tasks in the financial services industry,” Commerzbank Supervisory Board Chairman Hans-Joerg Vetter said in a press release late Saturday. “He brings the necessary expertise and human leadership skills for the tasks that lie

Commerzbank Names Deutsche Bank’s Manfred Knof As New CEO

September 26, 2020

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Commerzbank's latest appointment is a bid to end turmoil after Martin Zielke resigned at the... — Commerzbank’s latest appointment is a bid to end turmoil after Martin Zielke resigned at the start of July 2020, following sustained criticism by shareholders of his performance and the bank’s losses

John MACDOUGALL

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Commerzbank, Germany’s second largest bank which has been hit by the coronavirus pandemic and the Wirecard scandal, on Saturday named Manfred Knof from rival lender Deutsche Bank as its new chairman.

The appointment is a bid to end turmoil after Martin Zielke resigned at the start of July, following sustained criticism by shareholders of his performance and the bank’s losses.

Knof, 55, was Deutsche Bank’s German retail head but spent a large part of his career in the insurance business, working for German giant Allianz.

Knof’s appointment is subject to the approval of supervisory authorities.

“Manfred Knof is an experienced and highly effective top manager who has proven himself in a wide range of tasks

Commerzbank poaches Deutsche Bank’s Knof as new CEO

September 26, 2020

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FRANKFURT (Reuters) – German lender Commerzbank <CBKG.DE> has poached a senior executive of its larger rival Deutsche Bank <DBKGn.DE> to assume the role of chief executive, filling a leadership vacuum after months of turmoil.

Manfred Knof, head of Deutsche Bank’s retail business in Germany, will assume the top spot at Germany’s No. 2 lender on Jan. 1.

He succeeds Martin Zielke, who resigned this summer in the wake of a revolt led by the private equity investor Cerberus, one of the lender’s largest shareholders who was pressing for big changes at the bank.

The appointment allows Commerzbank to move forward with a new strategic plan that was put on hold until a new leader was found. The bank is looking at branch closures and shedding international staff to save costs.

Hans-Joerg Vetter, chairman of Commerzbank’s supervisory board since last month, has told employees that the lender is not a “restructuring

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Commerzbank’s latest appointment is a bid to end turmoil after Martin Zielke resigned at the start of July 2020, following sustained criticism by shareholders of his performance and the bank’s losses