Deutsche Bank COO Set to Leave Amid Management Board Revamp
(Bloomberg) -- Deutsche Bank AG Chief Operating Officer Frank Kuhnke will probably leave the company as part of a management board revamp, people familiar with the matter said.
Kuhnke, one of Chief Executive Officer Christian Sewing’s first appointments, will likely not have his contract renewed when it lapses later this year, the people said, who asked not to be named discussing confidential decisions. His duties could be divided up between existing board members and the bank may announce the changes as early as this week, they said.
A spokesman for Deutsche Bank declined to comment on the matter. Kuhnke didn’t respond to a request for comment.
The overhaul of Deutsche Bank’s governance body is shaping up to be one of the biggest since Sewing took over as chief executive officer almost exactly three years ago. Sewing is set to relinquish his role as head of the investment bank, with Fabrizio Campelli seen as the lead candidate to replace him.
Campelli’s responsibilities include human resources which will likewise need to be given to someone else, the people said.
Kuhnke was appointed to replace previous COO Kim Hammonds at a time when the bank was plagued by competing power centers and infighting. A Sewing confidante who had worked with the CEO in Japan, Kuhnke set about driving his boss’ cost-cutting effort and also focused on improving the lender’s controls. His efficient yet blunt tactics earned him the moniker “Frank the Tank.”
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