FRANKFURT (Reuters) - Deutsche Bank’s second-largest shareholder will not back Chairman Paul Achleitner for a second term because of his lack of success in turning the bank around, a German magazine reported.
“Achleitner will not be part of the future of Deutsche Bank after 2017,” Manager Magazin quoted a person close to Sheikh Hamad Bin Jassim Bin Jabor Al-Thani of Qatar as saying.
The investor owns 3 percent of Deutsche Bank’s shares following a 2014 capital increase at Germany’s flagship lender.
Achleitner took the helm of the supervisory board in 2012 and is serving a five-year term.
Deutsche Bank said it was up to shareholders to decide on the chairman in due course. Al-Thani was not immediately available for comment.
According to Manager Magazin, al-Thani is unhappy Deutsche Bank has not kept a promise to revamp the business quickly, but will still back Achleitner at this year’s shareholder meeting in May.
Deutsche Bank shocked markets with a 2015 record loss, after Achleitner brought in John Cryan to replace Chief Executive Anshu Jain from July. It has asked investors for two years of patience to draw a line under mistakes of the past and let a new strategy bear fruit.
Other large shareholders have also criticised Achleitner after the bank has seen its share price fall 45 percent over the last year.
Reporting by Arno Schuetze; Additional reporting by Andreas Kröner and David French; Editing by Mark Potter
Our Standards: The Thomson Reuters Trust Principles.