Deutsche Bank AG appointed a risk chief two days after it named the chairman of a new supervisory board, two top leadership roles that will fall vacant next year.
Olivier Vigneron will replace chief risk officer Stuart Lewis in June, Germany’s largest lender said in a statement on Sunday. It said on Friday it would propose former Aegon NV chief executive Alexander Wainandts as chairman when Paul Echleitner steps down from the role at the annual general meeting in May.
Lewis had previously announced his decision to leave Deutsche Bank after next year’s AGM, and Vigneron would join the lender in March as a senior group director, it said. According to the statement, Vigneron has served as Chief Risk Officer for Natixis SA since 2020 and previously worked at JPMorgan Chase & Co.
“I am pleased that the Supervisory Board has now addressed the open questions in the Bank’s leadership team,” Chief Executive Officer Christian Sewing said in a message to employees. “This clarity gives us further momentum toward achieving our goals and becoming permanently profitable.”
The appointments provide certainty for Tailor as she enters the final year of a comprehensive turnaround plan in mid-2019. He is also set to present a strategy update that will clarify his outlook for the bank in March. After leading the company to its first annual profit in six years, Sewing has shifted its focus from cost-cutting back to growth.
Lewis is Deutsche Bank’s longest-serving management board member, serving for more than nine years. He garnered public acclaim by tailoring earlier this year, when Deutsche Bank avoided a hit from the collapse of hedge fund Arcagos Capital Management for swift action from executives, including the risk chief.
However, Lewis is also being investigated by prosecutors over his role in a co-ex-dividend arbitrage transaction that hurt German taxpayers, a person familiar with said. And he handed over anti-financial crime watchdog to Chief Administrative Office Stefan Simon in a reshuffle of management, before German financial watchdog Baffin expanded its anti-money laundering monitor mandate at the lender in April.
This story has been published without modification in text from a wire agency feed.
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