German lender Commerzbank has named its retail banking head Martin Zielke as new chairman of the board of managing directors and CEO replacing Martin Blessing, whose term of office will end on 30 April 2016.
Zielke will take over his new role on 1 May 2016.
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Subject to regulatory approval, the firm is set to hire two of its executives Michael Mandel and Bettina Orlopp as new members of its board of managing directors.
Michael Mandel, who is currently acting as divisional board member responsible for private customers, is expected to replace Zielke as the member of the board of managing directors.
In his new role, Mandel will be responsible for the bank’s private customers business.
Additionally, divisional board member for group development & strategy Bettina Orlopp, will be named as a member of the board of managing directors for the new board portfolio compliance, human resources and legal.
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By GlobalDataThe board of management directors will appoint successors to Mandel and Orlopp in due course.
Commerzbank chairman of the supervisory board Klaus-Peter Müller said: "Zielke has a long and extensive experience in the private and corporate customer businesses, and in the finance function. He managed the turnaround of the Bank’s Private Customers business in an impressive manner.
"I am firmly convinced that he, together with his team on the Board of Managing Directors, will continue to lead the Bank on the path towards success with sustainability.
"Furthermore, the Board of Managing Directors will be further strengthened with the appointments of Michael Mandel and Bettina Orlopp," Müller added.
