(Adds supervisory board nomination details)
FRANKFURT, March 16 Deutsche Bank
Chairman Paul Achleitner has been nominated for another
five-year term on the lender's supervisory board, a
controversial choice for Germany's flagship lender which is
struggling with yet another strategy overhaul.
Achleitner's potential nomination has been discussed for
months and has split investors, with critics saying he did too
little to change the bank's culture and strategy while advocates
say his departure would cause more uncertainty.
"Should his nomination be approved at the Annual General
Meeting, the intention is for Achleitner to be re-elected as
chairman," Deutsche Bank said in a statement on Thursday.
During Achleitner's tenure, the bank's stock price plunged,
weighed down by a string of legal issues and fines.
This month, Chief Executive John Cryan sought shareholder
backing for an 8 billion euros ($8.5 billion) rights issue, the
fourth capital increase since 2010, to pay for an overhaul of
its investment bank and retail banking operations.
Deutsche also said it would seek backing at the Annual
General Meeting on May 18 to elect two new members to the
Gerhard Eschelbeck, head of IT security at U.S. technology
group Google, is to succeed Peter Loescher while Alexander
Schuetz is to replace Klaus Ruediger Truetzschler, the bank
Schuetz is the founder and Chief Executive of C-Quadrat,
which manages Chinese conglomerate HNA Group’s stake
in Deutsche Bank, the lender said.
Sources told Reuters this month that HNA Group would like to
increase its 3 percent stake in Deutsche Bank.
Deutsche Bank also said Norbert Winkeljohann would stand for
election at the 2018 Annual General Meeting. Winkeljohann is
chairman of the management board of advisory and accounting firm
PricewaterhouseCoopers in Germany, and will replace Henning
Kagermann, who will not stand for re-election, Deutsche said.
(Reporting by Edward Taylor; editing by Susan Thomas)