Commerzbank Chairman Vetter Unexpectedly Resigns, Citing Health

Bookmark

Commerzbank AG Supervisory Board Chairman Hans-Joerg Vetter has unexpectedly resigned for health reasons, throwing the bank into renewed management tumult as it prepares a major overhaul.

Vetter on Tuesday informed Chief Executive Officer Manfred Knof that “he will resign from the Supervisory Board of Commerzbank AG by the end of the day due to health reasons,” the lender said in a statement. Deputy Chairman Uwe Tschaege will take over until a permanent successor has been found.

Vetter was appointed last August after the joint resignations of his predecessor, Stefan Schmittmann, and Martin Zielke, CEO at the time. He since worked on a massive restructuring, unveiled by Knof last month, that seeks to slash costs by eliminating a third of the lender’s workforce.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.