Last year, Deutsche Bank Chairman Paul Achleitner decided that his dying firm needed a new CEO. Its then-current CEO disagreed, pledging the next day to remain at the helm for at least two more years, assuming Deutsche Bank still had two years left. While that is still an open question, whether John Cryan had two years left at Deutsche Bank is not: He got canned a couple of weeks later.

The Man Group is not in precisely the same dire straits as Deutsche Bank. Sure, things could be going better, but you could say that about a lot of hedge funds, or indeed the hedge fund industry in general, and unlike at any point during Cryan’s Deutsche Bank tenure (or since), there are reasons for some optimism. Not matter: Man CEO Luke Ellis was so impressed by Deutsche Bank’s reshuffling of the deck chairs that he thought he’d like to try it himself, but in reverse. So out goes Chairman Lord Livingston, despite having three years left in his term, and in comes, well, wouldn’t you know?

UK-listed investment company Man Group has appointed John Cryan, the former chief executive of Deutsche Bank, as its next chair.

Cryan, who left Deutsche in April 2018 after more than three years trying to reverse the fortunes of the struggling German lender, will take up the role in January 2020….

“My time on the board has already shown me that the company is well positioned to capitalise on its first-class technology and investment expertise, cementing its position as one of the world’s leading active investment managers.”

Man Group picks former Deutsche CEO as next chair [FN]

Related

writers-block-cryan

Here’s A Less-Than-Ringing Endorsement Of John Cryan

The former Deutsche Bank chief isn’t at Man Group yet, but the hedge fund’s president won't wait for his arrival.

(Getty Images)

Deutsche Bank CEO Search Exactly The Catastrophe You’d Expect

Better to let the new guy know what he’s in for, assuming there will actually be a new guy.

JohnCryan.Gimp

John Cryan Fully Committed To Flagellating Himself For The Next Two Years

No one else may want to be at Deutsche Bank, but the chief wants to go down with the ship.

By Apdency (Own work) [CC0], via Wikimedia Commons

Man Group Gives Up

The quantitative hedge fund of the past throws in the towel on the quantitative hedge funds of the future.

(Getty Images)

Layoffs Watch '17: Now We're Counting On You, Deutsche Bank

For every layoff the rest of Wall Street manages to avoid, Deutsche Bank will cut two jobs.

Getty Images

Jes Staley Is Having A Very John Cryan Day, As Is John Cryan

No one deserves to feel like Deutsche Bank, not even Deutsche Bank.