Deutsche Bank appoints Christian Sewing to CEO role, replacing John Cryan
Deutsche Bank has instigated immediate changes to its leadership team by replacing Chief Executive Officer John Cryan with Christian Sewing.
Cryan has been challenged by persistent pressures at the German finance group ever since he was appointed in 2015 and now Deutsche Bank has elected to make a swift change at the top after an emergency meeting on Sunday.
Share prices in the bank have dropped by a third in the last year and Cryan's position came under immediate review at the end of February after it reported annual losses of €500mn.
- Siemens wins €800mn Norwegian rail contract
- Europe trails US and Asia in 5G adoption
- Business Chief, Europe edition - Read our March issue here
The 57-year-old will leave at the end of April to be replaced by Sewing, who takes on the job having accumulated a bulk of experience since joining Deutsche Bank in 1989 and subsequently working in a number of positions around the world.
He was appointed to the Board in 2015 and has been President since March 2017, most recently being responsible for Deutsche Bank’s Private & Commercial Bank (including Postbank) together with Frank Strauß. Sewing was Head of Group Audit from June 2013 to February 2015, prior to which he held a number of management positions in Risk
"In his more than 25 years at Deutsche Bank Christian Sewing has proven himself a strong and disciplined leader," said the group's Chairman Paul Achleitner. "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."
On Cryan, Achleitner added: "Despite his relatively short tenure as CEO, he 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."
Like what you see! Signup for our weekly newsletter