(AOF) – The general manager of DWS, Asoka Woehrmann, decided to resign, in agreement with the company, at the end of the annual general meeting on June 9. Stefan Hoops, who previously headed Deutsche Bank’s investment banking business, will become the asset manager’s new chief executive. This resignation comes the day after a search of the German bank and DWS linked to an investigation into suspicions of deception concerning the ESG classification of certain investment products.
“I have always devoted all my energy to the benefit of DWS; especially since my return as CEO in October 2018”, said Asoka Woehrmann. “Today, after the most successful three years in its history, DWS is significantly more profitable, stable and has continued to perform well in a challenging market environment. At the same time, the claims made to the against DWS and myself over the past few months have become a burden on the company, as well as on my family and I. In order to protect the institution and my loved ones, I want to pave the way for a new departure.”