Multiple ‘No’ votes at Deutsche Bank’s April 8 meet to change CEO – sources

FRANKFURT (Reuters) – Multiple supervisory board members cast dissenting votes at a meeting that reshuffled top management at Deutsche Bank (DBKGn.DE) earlier this month, according to several people with knowledge of the matter.

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

However, Deutsche Bank said on Saturday that CEO Christian Sewing’s appointment was “unanimous”, without giving more detail of the proceedings or how votes were cast.

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

In each decision, there were several “no” votes cast, the sources said on Friday. Both 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. There were also some abstentions.

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

“Christian Sewing was unanimously appointed chief executive officer,” the spokeswoman for Deutsche Bank said on Saturday. On Friday, a spokesman for the bank declined to comment.

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 and Ros Russell

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