FRANKFURT: Commerzbank's chairman and chief executive stepped down on Friday , bowing to demands from top shareholder Cerberus that the German lender change its strategy to stop a downward spiral in its financial performance.
Months before Cerberus took its complaints public, the German state, frustrated with the bank's poor performance, replaced both of its representatives on the supervisory board. Cerberus, which bought a 5per cent stake in Commerzbank in 2017, began an activist campaign to force the lender to change strategy and hand the U.S. investor two seats on its supervisory board early last month.
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