Deutsche Bank Ex-CEO Cryan Joins Small IT Security Firm's Board
(Bloomberg) -- John Cryan, a former Deutsche Bank AG chief executive officer, has joined a small U.K. cyber-security firm as a director.
Cryan was given the job at X Cyber Group Ltd. in January, the company said. The firm, based in the West England town of Gloucester, had eight employees last year and assets worth 603,000 British pounds ($778,000), according to separate filings.
One year ago, Cryan was fired from his job running Germany’s largest lender after he failed to stem years of losses and falling revenue. Though questions about his future at the bank had been circulating for months, his ouster was seen as damaging to both him and the company as it exposed deep fault lines within the bank’s supervisory board and among some of its largest shareholders.
The former CEO is the last to find a new role out of the four Deutsche Bank executive board members who left last year. Ex-investment banking head Marcus Schenck joined Perella Weinberg Partners LLP in October; former Chief Operating Officer Kim Hammonds has been appointed director at a Silicon Valley IT firm; and the ex-head of asset management, Nicolas Moreau, recently opened up his own advisory boutique.
Cryan received severance pay and compensation to offset non-compete agreements worth 10.9 million euros ($12.1 million) when he left Deutsche Bank, according to the lender’s 2018 annual report. Taken together, the four former executive board members got 26.5 million euros, equivalent to about 10 percent of the lender’s profit last year.
Financial News reported Cryan’s new role earlier. X Cyber Group didn’t reply to an emailed request for comment and Cryan couldn’t be reached.
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