RTTNews | Sep 27, 2020 11:50PM EDT

23:49 Sunday, September 27, 2020 (RTTNews.com) - 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-Jrg Vetter as the future Chairman of the Supervisory Board.

In May, Commerzbank reported a loss in its first quarter, compared to prior year's profit, hurt mainly by impacts from coronavirus pandemic.

The pre-tax result was loss of 233 million euros, compared to profit of 227 million euros last year.

From 1 August 2019 to its merger into Deutsche Bank AG in May this year, Manfred Knof was Chairman of the Board of DB Privat- und Firmenkundenbank AG and now continues to be Head of Deutsche Bank's Private Bank Germany.

Knof was Chief Executive Officer of Allianz Deutschland AG, until 2017. In 1995, he joined the Allianz Group and held various management positions in Germany and abroad, including Regional CEO of Central and Eastern Europe. Between 2003 and 2005, he held various positions at Dresdner Bank, most recently as Head of the private banking business in Southern Germany. He began his career in 1991 at the management consultancy Kienbaum Management Consultants in Dsseldorf.

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