John Cryan appointed CEO, Deutsche Bank
(10 June 2015 – Germany) Following the resignation of co-chief executives Jürgen Fitschen and Anshu Jain, on 7 June the Supervisory Board of Deutsche Bank appointed John Cryan as co-chief executive, effective 1 July 2015.
Cryan has been a member of Deutsche Bank’s Supervisory Board since 2013, and has served as chairman of the Audit Committee and a member of the Risk Committee.
Upon becoming co-chief executive, he will step down from the Supervisory Board.
Cryan’s experience includes being president for Europe at Temasek, the Singaporean investment company from 2012 to 2014.
Previous to that, he was chief financial officer of UBS from 2008 to 2011.
The appointment of Cryan follows the decision of Jürgen Fitschen and Anshu Jain, co-chief executives, to step down early from their roles.
Jain will step down on 30 June, 2015, and the Supervisory Board has asked him to remain as a consultant with Deutsche Bank from 1 July, 2015, to January 2016.
The Supervisory Board asked Fitschen to remain in his current role until the conclusion of the Annual General Meeting on 19 May, 2016, to help ensure a smooth transition.
Their contracts were due to run through to 31 March, 2017.
When Fitschen’s departs on 19 May, 2016, Cryan will become sole chief executive.
Paul Achleitner, chairman of the Supervisory Board of Deutsche Bank, said: “On behalf of the Supervisory Board, I would like to express our gratitude and respect for the contributions that Jürgen and Anshu have made to our bank.
“Their decision to step down early demonstrates impressively their attitude of putting the bank’s interests ahead of their own.”
Jain, co-chief executive said: “It has been 20 years this month since I came to work at Deutsche Bank and it has been an extraordinary time.
“Over the past three years, I have been afforded the privilege and honour to lead this great institution together with Jürgen.
“In our time as the bank’s leaders, we have boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities.
“Most significantly, we have kept our clients happy and our revenues growing while reshaping and strengthening the bank,” Jain said.
“I believe that with Strategy 2020 in place, which puts the bank’s future on a strong track, it is right for the bank and for me to have new leadership at this time.
“I will be forever honored to have served here, and I am convinced that the future of the bank is bright and in very good hands.”
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