This Europe Crap Is Throwing A Wrench In Josef Ackermann's Plans To Be Out Of The Office Every Day By 5 This Year

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Deutsche Bank said Monday that the bank's Chief Executive Josef Ackermann won't take over as chairman of the supervisory board when he steps down in May, and it is proposing Allianz SE financial chief Paul Achleitner for the position instead. Citing "extremely challenging" conditions on the international financial markets and in the political-regulatory environment," Mr. Ackermann said he must focus on his tasks as CEO right now, according to a statement from the bank. This means he can't spend time seeking the support of shareholders for his bid to be supervisory board chairman. Supervisory board candidates need the support of 25% of the shareholders to be elected. A person familiar with the matter told Dow Jones Newswires that Mr. Ackermann didn't have the time do the necessary lobbying and couldn't win their backing. Another person familiar with the matter said: "It became obvious that Ackermann couldn't secure this." [WSJ]

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