Deutsche Bank has appointed a new CEO to takeover the company. Christian Sewing has been appointed as the German lender’s new chief executive, replacing British-born John Cryan.
The decision to replace Cryan comes after the bank’s three years of losses since he was appointed as CEO in 2015. Its shares are down over 27 percent in the last year.
Cryan was contracted to be boss of the company until 2020 but because of the company’s struggle to make a profit a change of leadership was deemed necessary.
The change will take place immediately, according to a statement by Deutsche Bank. John Cryan will leave the bank at the end of this month.
Deutsche Bank chairman Paul Achleitner said: “We need a new execution dynamic in the leadership of our bank,”
Adding, “Despite his relatively short tenure as chief executive, John Cryan has played a critical role in the almost 150 year history of Deutsche Bank – and laid the groundwork for a successful future of the bank,”
Cryan’s replacement, Christian Sewing, has been the German lender’s co-deputy CEO and co-head of the private and commercial bank. He has worked at the bank since 1989. Before graduating with a diploma from the Bankakademie Bielefeld and Hamburg, he completed a bank apprenticeship at Deutsche Bank.
Commenting on the new chief executive, Mr Achleitner said: “In his more than 25 years at Deutsche Bank, Christian Sewing has proven himself a strong and disciplined leader.
“The supervisory board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era. We trust in the great ability of this bank and its many talents.”
