Commerzbank boss Martin Zielke surprisingly offered his resignation. In addition, Stefan Schmittmann wants to resign as chairman of the supervisory board, the bank said in a mandatory publication. Zielke was recently under pressure from the US investor Cerberus.
Earthquake at Commerzbank: Both CEO Martin Zielke and Chairman of the Supervisory Board Stefan Schmittmann will leave the company in the foreseeable future. Martin Zielke had offered to leave the Management Board by mutual agreement, if this is in the Bank's interest from the Supervisory Board's point of view, Commerzbank announced. The Presidential and Nomination Committee then issued a recommendation to end Zielke's appointment by the end of the year at the latest. The Supervisory Board will take a decision at its meeting on July 8, 2020. In addition, supervisory board chief Stefan Schmittmann announced that he would resign from the control committee with effect from August 3, 2020.
Zielke was recently under increased pressure after US investor Cerberus criticized the bank's management. The bank's communication did not contain any information on the reasons for the withdrawal from Zielke.
In March 2016, Zielke was appointed CEO, which he took over in May of the same year. He has also been President of the Federal Association of German Banks since April 2020.
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