FILE PHOTO: Deutsche Bank’s Supervisory Board Chairman Paul Achleitner gestures as he addresses the audience during the bank’s annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach
FRANKFURT (Reuters) – Some major investors in Deutsche Bank are demanding a succession plan for Chairman Paul Achleitner, two people with knowledge of the matter said on Tuesday, amid discontent with the bank’s turnaround.
Achleitner, whose term expires in 2022, is coming under pressure just days ahead of the bank’s annual general meeting. The investors are calling for him to step down before the end of his term.
A spokesman for Deutsche Bank declined to comment for the bank and on behalf of Achleitner.
Achleitner’s record of installing board members and overseeing the bank has been checkered, said one of the people, who spoke on condition of anonymity.
The time has come for him to take responsibility, the person said.
Deutsche Bank shares hit a record low on Monday and are down 36 percent since investors gathered for last year’s meeting.
Regulatory lapses and low profitability have weighed on the lender over the past year.
Bloomberg reported earlier on Tuesday that there was increasing investor discontent with Achleitner.
Reporting 2018 Tom Sims; Editing 2018 Michelle Martin