Sunday 21 November 2021
At the top of Deutsche Bank
This Dutchman becomes chief controller
Achleitner’s successor as chairman of the Deutsche Bank supervisory board is as good as clear: 61-year-old Alexander Wynaendts is to head the supervisory body. After the supervisory board itself, the main committee still has to give its approval. The Dutchman has already been through a number of crises.
The name is a surprise even for those familiar with Deutsche Bank: The former head of the Dutch insurance giant Aegon, Alexander Wynaendts, is to become the supervisory board chairman of the Frankfurt financial institution and thus move to one of the key positions in the German banking world. He is to succeed Paul Achleitner, whose term of office ends in May 2022 after ten years at the helm of the supervisory body. So far, the 61-year-old is little known in the financial sector in this country.
The Supervisory Board of Deutsche Bank has approved the nomination committee’s proposal for a new chairman. Wynaendts should therefore succeed the current head of the control committee, Paul Achleitner. “The supervisory board followed this recommendation and wants to propose to the shareholders at the general meeting on May 19, 2022 that they elect him to the supervisory body,” wrote Deutsche Bank boss Christian Sewing in an email to the employees. The members of the supervisory board then intended to elect him as chairman. “With him we have been able to win over a real European and an expert on the international financial scene,” wrote Sewing.
Wynaendt’s résumé identifies him as a manager with a lot of renovation and dealer experience – qualities that are likely to be in great demand in his future role at Deutsche Bank. Wynaendts grew up as the son of a well-traveled Dutch diplomatic family in Beirut, Jakarta and Brussels. He speaks several languages including Indonesian, Spanish, German, French and English.
Wynaendts rebuilds Aegon after the financial crisis
His career in the financial world began in the 1980s with the Dutch bank ABN Amro. From 1984 onwards, he held various positions in business with wealthy private clients and in investment banking in Amsterdam and London for 13 years. In 1997 he switched to the Aegon insurance company. There he went through a steep career that led him to various top management positions. From 2003 to 2007 he was responsible for the company’s international growth strategy, which is active in numerous European countries, but also in the USA and China. Finally, in April 2008 – shortly after the start of the financial crisis – he became CEO and directed the insurer for twelve years until 2020.
Aegon had also been hit hard by the crisis: In 2008, the company received a capital injection from the Dutch government worth three billion euros. The aid was repaid in full after a few years. During his time as chief executive officer, Wynaendts rebuilt the group vigorously. Under his leadership numerous takeovers, partnerships and sales of business units in countries such as Canada, Mexico, Romania and China were arranged. According to data from financial information provider Refinitiv, Aegon was involved in a total of 87 takeover and merger transactions from 2012 to 2020. He also restructured the company’s balance sheet and gave Aegon, whose history dates back to 1844, a new strategy.
Mayree Clark, who heads the nomination committee of Deutsche Bank and steered the search for a successor for Achleitner, characterizes Wynaendts as a convinced European with a global perspective: “He can look back on a successful career in the financial services industry, knows the technological requirements well and has a lot Regulators on both sides of the Atlantic worked together. ”
Wynaendts sits on various international supervisory and administrative boards, including the financial group Citigroup, the American travel service provider Uber and the airline Air France KLM. Wynaendts is also a member of the advisory board for Europe, the Middle East and Africa at the US software company Salesforce. He will step down from the Citigroup Board of Directors. Deutsche Bank boss Christian Sewing said of the nomination that he is looking forward to working with Wynaendts. “He has extensive experience in the financial sector and an excellent network, not only in Europe but also globally.”