LONDON - Deutsche Bank announced on Wednesday that it planned to extend the tenure of its co-chief executive, Jürgen Fitschen, in a move aimed at pre-empting leadership questions at Germany’s largest financial institution.
The employment contract of Mr. Fitschen, 65, was set to expire in early 2015 but will now be extended until March 31, 2017, and match that of Deutsche Bank’s other co-chief executive, Anshu Jain.
Mr. Jain, 50, and his German counterpart became joint leaders of the German bank last year after Deutsche Bank’s former chief, Josef Ackermann, stepped down. The departure of Mr. Ackermann was mired in questions over who would succeed him.
Deutsche Bank’s co-heads have faced opposition recently from shareholders, who have voiced their anger over a number of legal disputes that hit the bank. The bank is being investigated in connection to the global rate-rigging scandal and has faced allegations of tax evasion related to the trading of European carbon emissions credits.
On Wednesday, the bank said that its supervisory board would vote on extending Mr. Fitschen’s contract at a meeting in late October. Mr. Fitschen is the former head of Deutsche Bank’s German unit, while Mr. Jain previously ran the firm’s investment banking division.
“Jürgen Fitschen and Anshu Jain together requested the renewal,†Paul Achleitner, chairman of Deutsche Bank’s supervisory board, said in a statement.
