FRANKFURT: Some major investors in Deutsche Bank are demanding a succession plan for Chairman Paul Achleitner, two people with knowledge of the matter said on Tuesday, amid discontent with the bank's turnaround.
Achleitner, whose term expires in 2022, is coming under pressure just days ahead of the bank's annual general meeting. The investors are calling for him to step down before the end of his term.A spokesman for Deutsche Bank declined to comment for the bank and on behalf of Achleitner. Achleitner's record of installing board members and overseeing the bank has been checkered, said one of the people, who spoke on condition of anonymity.Deutsche Bank shares hit a record low on Monday and are down 36 percent since investors gathered for last year's meeting.Regulatory lapses and low profitability have weighed on the lender over the past year.
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