Deutsche Bank Extends CEO Christian Sewing’s Term; Appoints Raja Akram As CFO
Deutsche Bank Extends CEO Christian Sewing’s Term; Appoints Raja Akram As CFO
It plans a 750-million-euro stock buyback in April, with future strategies being rethought
Deutsche Bank has announced the extension of CEO Christian Sewing’s contract until April 2029 while Deputy James von Moltke and Board Member Stefan Simon will depart as part of the management reshuffle.
The move will enhance the leadership team of Germany's largest lender for the next phase of its turnaround.
Meanwhile, Raja Akram has taken over as CFO. He served at Morgan Stanley as deputy CFO since 2020.
The announcements are seen as crucial as the bank sets ambitious targets. It will influence the lender's global footprint and help draw a line under an embarrassing legal blow.
Sewing joined the bank in his teens in the 1980s. He was propelled to the higher position in 2018 when the bank was undergoing a phase of turmoil and huge financial losses.
He oversaw failed merger talks with smaller rival Commerzbank.
However, the strategy overhaul helped in gaining a foothold, though with slightly unsteady profits.
Sewing, who will be serving his third term, remarked, "There's so much opportunity out there. The next phase of our development will be about leveraging this opportunity."
He is strategizing to tweak the bank’s structure, including closing some businesses.
Sewing stated, "Nothing is off limits."
