Commerzbank Appoints Deutsche Bank Executive Manfred Knof As CEO

(RTTNews) - Commerzbank AG (CRZBY.PK) has appointed Deutsche Bank's German retail head Manfred Knof as its new chief executive officer, effective from 1 January 2021.

He will succeed current chief executive officer, Martin Zielke, who resigned along with supervisory board chairman Stefan Schmittmann in July after he acknowledging that the financial performance of the bank was unsatisfactory.

Zielke will remain Commerzbank's chief executive officer until 31 December 2020.

Their resignations followed months of criticism from the German lender's main shareholders - the German government and Cerberus Capital Management - of the bank's poor performance and lack of direction.

Commerzbank said in August that its supervisory board elected Hans-JA¶rg Vetter as the future Chairman of the Supervisory Board.