- After less than two years in the position
- Praise and thanks for Cryan
- Christian Sewing taking over
(exechange) — Frankfurt, Germany, April 8, 2018 — John Cryan, chief executive of Deutsche Bank, leaves the position. It is an abrupt change. As announced by Deutsche Bank Aktiengesellschaft in a news release on Sunday, April 8, 2018, John Cryan leaves his post as Chief Executive Officer at the German investment bank after less than two years in the position, effective immediately.
No company wants a CEO to flame out in the first years.
Cryan leaves the company effective at the end of this month.
Cryan’s duties will be taken over by Christian Sewing, most recently President of Deutsche Bank Aktiengesellschaft.
“We need a new execution dynamic in the leadership of our bank”
The management change is explained as follows. Paul Achleitner, Chairman of the Supervisory Board, said in a fairly blunt statement: “[F]ollowing a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”
Precise information about Cryan’s future plans was not immediately available.
Deutsche Bank said: “The Supervisory Board of Deutsche Bank … has appointed Christian Sewing as Chief Executive Officer with immediate effect. He succeeds John Cryan who will leave the bank at the end of this month.”
Share price decline
The change follows a decline in the share price of Deutsche Bank Aktiengesellschaft since April 2007.
Chaired by Paul Achleitner
Deutsche Bank Aktiengesellschaft is chaired by Paul Achleitner.
He serves as Chairman of the Supervisory Board since 2012.
In the position of CEO since 2016
John Cryan became a member of the Company’s Management Board on July 1, 2015 as Co-Chief Executive Officer.
Since 20 May 2016 he is sole CEO.
Cryan became a member of Deutsche Bank’s Supervisory Board in 2013, and served as Chairman of the Audit Committee and a member of the Risk Committee.
Upon becoming Co-CEO, he stepped down from the Supervisory Board.
Cryan was President for Europe at Temasek Holdings Pte. Ltd., the Singaporean investment company, from 2012 to 2014.
Previously, he was Group Chief Financial Officer of UBS AG from 2008 to 2011, having worked in corporate finance and client advisory roles at UBS and SG Warburg in London, Munich and Zurich from 1987.
He began his career as a trainee chartered accountant at Arthur Andersen in London.
He is a graduate of the University of Cambridge.
Read the full story in the exechange report 15.2018 ($).