April 21, 2018 / 12:01 PM / a year ago

Deutsche Bank's April 8 meeting to elect new management was contentious: sources

The headquarters of the Deutsche Bank's DWS Asset Management is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo

(This version of the story corrects report from April 21, 2018 to show that vote on new CEO Christian Sewing was unanimous, with one abstention)

FRANKFURT (Reuters) - Several supervisory board members cast dissenting votes at a meeting that reshuffled top management at Deutsche Bank (DBKGn.DE) this month. But Chief Executive Officer Christian Sewing was ultimately appointed without any no votes, according to several people with knowledge of the matter.

Board chairman Paul Achleitner called the bank’s 20-member board to a hastily arranged telephone conference on April 8 to make three major decisions: to vote out former chief executive John Cryan, to vote in Sewing to replace him, and to name two co-deputy CEOs.

“Mr. Sewing was elected unanimously - with one abstention - as chief executive officer,” Deutsche Bank said in a statement to Reuters.

In the decision on Cryan there were several “no” votes cast, three sources familiar with the matter said. Two of the sources said there was also resistance in the vote on the two co-deputy CEOs. Employee representatives on the board as well as investor representatives on the board cast dissenting votes, said the people, who spoke on condition of anonymity.

Deutsche Bank declined to comment on the outcome of the votes on Cryan and the co-deputies.

Sewing was chosen as the bank’s new CEO amid frustration over continuing losses at the German lender and a sagging share price.

Some shareholders have criticized Achleitner for the rushed nature of the CEO change, the second under his watch.

Reporting by Andreas Framke and Kathrin Jones; Writing by Tom Sims; Editing by Victoria Bryan, Ros Russell and Nick Tattersall

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