
Commerzbank: CEO to step down at the end of 2025
(CercleFinance.com) - Commerzbank announced on Wednesday that its CEO Manfred Knof, in post since 2021, would not be seeking reappointment at the end of December 2025.
In a statement, Jens Weidmann, Chairman of the Group's Supervisory Board, said he had learned of the news with 'great regret', but also expressed his appreciation for the work performed by Manfred Knof, which he considered successful.
The German bank said in the statement that a selection process for a new CEO would begin with immediate effect.
This announcement comes as Italian giant UniCredit announced this morning that it had taken a 9% stake in Commerzbank, thereby taking over shares previously held by the German state.
Following this series of announcements, the share price climbed by over 16% on Thursday morning on the Frankfurt Stock Exchange, posting by far the strongest gain on the DAX index.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
In a statement, Jens Weidmann, Chairman of the Group's Supervisory Board, said he had learned of the news with 'great regret', but also expressed his appreciation for the work performed by Manfred Knof, which he considered successful.
The German bank said in the statement that a selection process for a new CEO would begin with immediate effect.
This announcement comes as Italian giant UniCredit announced this morning that it had taken a 9% stake in Commerzbank, thereby taking over shares previously held by the German state.
Following this series of announcements, the share price climbed by over 16% on Thursday morning on the Frankfurt Stock Exchange, posting by far the strongest gain on the DAX index.
Copyright (c) 2024 CercleFinance.com. All rights reserved.