July 24, 2011 / 1:55 AM / in 6 years

D.Bank CEO Ackermann to move to chairman role-media

2 Min Read

FRANKFURT, July 23 (Reuters) - The Deutsche Bank AG (DBKGn.DE) CEO Josef Ackermann will replace Clemens Boersig to become the bank's supervisory board chairman, a German newspaper reported.

Boersig is ready to vacate the role for Ackermann and will likely step down at the next annual general meeting (AGM) in May 2012 to ensure that Ackermann stays within the bank, Die Welt am Sonntag said in an advance version of its Sunday edition, citing sources.

The bank's supervisory board meets on Tuesday to discuss a successor for Ackermann and will also what role he might play in the future.

Ackermann had been due to retire in 2009, but Boersig's inability to find an internal replacement forced the CEO to extend his contract until 2013.

The most likely option is that investment bank head Anshu Jain and Germany head Juergen Fitschen will become joint CEOs.

But no decision has been made and any decision can only be expected on Monday at the earliest, sources told Reuters Saturday.

Elevating Ackermann to the position of chairman will prove difficult because German corporate governance rules force members of the management board to wait two years before moving on to the supervisory board.

(Reporting by Philipp Halstrick and Edward Taylor; Writing by Victoria Bryan; Editing by Yoko Nishikawa)

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