DWS Group CEO Nicolas Moreau leaves abruptly

  • Push-out Score suggests push-out forces
  • After about two years in the position
  • Praise and thanks for Moreau
  • Asoka Woehrmann taking over

(exechange) — Frankfurt, Germany, October 25, 2018 — Nicolas Moreau, chief executive of DWS Group, leaves. It is an abrupt change. As announced by DWS Group GmbH & Co. KGaA in a news release on Thursday, October 25, 2018, Nicolas Moreau leaves his post as Chief Executive Officer at the asset management company after about two years in the role, effective immediately.

No company wants a CEO to flame out in the first years.

Nicolas Moreau’s duties will be taken over by Asoka Woehrmann, most recently head of the Private Clients business in Germany of Deutsche Bank.

No reason given

In the announcement, DWS Group did not explicitly explain the obviously compelling reason for Nicolas Moreau’s sudden move, leaving room for speculation.

Precise information about Nicolas Moreau’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often a wake-up call for stockholders when a CEO leaves the position abruptly and without a reasonable explanation.


DWS Group said: “Woehrmann will be assuming tasks previously performed by Nicolas Moreau, who will cease to be a Managing Director of DWS Group at the end of the year.”

Share price decline

The change follows a decline in the share price of DWS Group GmbH & Co. KGaA since May 2018.

Chaired by Karl von Rohr

DWS Group GmbH & Co. KGaA is chaired by Karl von Rohr. He serves as Chairman of the Supervisory Board of DWS Group.

Karl von Rohr joined Deutsche Bank in 1997. In 2015, von Rohr was appointed as a member of Deutsche Bank AG’s management board and currently serves as its Chief Administrative Officer.

In the position of CEO since 2016

Moreau was Member of Executive Board and Chief Executive Officer at DWS Group GmbH & Co. KGaA since March 2018.

Moreau served as CEO of DWS Group and as the chairman of the Managing Directors of the General Partner.

Moreau joined Deutsche Bank Group on October 1, 2016, as the Deutsche Bank AG (DB) management board member responsible for DWS.

Before this appointment, he was most recently chairman and CEO of AXA France and was also in charge of overseeing the worldwide operations of AXA Assistance and AXA Global Direct.

He joined that company in 1991, after beginning his career with Arthur Andersen.

Moreau is a graduate of the Ecole Polytechnique and has an actuarial degree from the Centre d’Etudes Actuarielles.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Nicolas Moreau’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 45.2018 ($).