LONDON (Reuters) - Corporate governance advisor Hermes EOS said on Monday it supported a weekend management reshuffle at Deutsche Bank (DBKGn.DE) and now wanted to see a detailed explanation of the firm’s strategy.
Germany’s largest lender on Sunday said co-chief executives Anshu Jain and Jürgen Fitschen would step down in favour of supervisory board member and ex-UBS UBSN.VX chief financial officer John Cryan.
Hermes EOS, which advises a range of institutional investors, had previously raised concerns about Deutsche Bank’s strategic plan and management’s execution of it.
“It had become increasingly apparent in recent months that refreshment at the top of the management board was necessary in order to regain trust of investors and other,” Hermes EOS Director Hans-Christoph Hirt said in a statement.
Cryan’s experience as a banker stand him in good stead for the role, as does his role in crafting Deutsche’s Strategy 20/20 plan, as a non-executive member of the audit and risk committees, Hermes said.
Reporting by Simon Jessop; editing by Steve Slater