2023-04-24 19:21:36
Zu At the beginning of the week, in the course of which Deutsche Bank will announce quarterly figures and a reorganization of the Management Board, it initially appointed a new chief legal officer on Monday. Friederike Rotsch, 50, is moving from the Darmstadt-based pharmaceutical and chemical company Merck KGaA to the prestigious position at Deutsche Bank, which has been vacant since Karen Kuder was appointed to the DWS Management Board in August 2022.
Rotsch, who earned her doctorate in Passau, has worked for Merck for 18 years and has been chief legal officer since 2014. In addition, the lawyer, who worked for the law firm Hengeler Mueller from 2001 to 2005, has been a member of the SAP Supervisory Board since 2018.
With Rotsch, Stefan Simon, who has been on the Deutsche Bank Board Member for Legal Affairs and Relations with Financial Supervision since August 2020, has hired the third interesting division manager. When Simon added compliance and financial crime prevention to his responsibilities in May 2021, he appointed then-US General Counsel, 49-year-old Joe Salama, as the company’s money laundering officer.
Conditions at DWS brought movement into it
On April 1, 2023, 56-year-old Laura Padovani, previously head of compliance at British bank Barclays, joined Deutsche Bank to relieve Pascal Tagné, who is said to have come under criticism because of the situation at DWS. Deutsche Bank’s investment company is accused of labeling funds as greener than they actually are. In addition, the former DWS boss Asoka Wöhrmann got into trouble because of a planned Porsche purchase initiated by a dubious agent.
The chairman of the supervisory board, Karl von Rohr, is accused of not having taken enough action. Last week, von Rohr decided not to seek an extension of his contract as a member of the Deutsche Bank Board of Management responsible for private clients and wealth management beyond October 31, 2023. Deutsche Bank intends to clarify his successor shortly.
According to information from the FAZ, the board of directors of Deutsche Bank is to be reduced. In addition to von Rohr, another board member could resign and a new one join. The bank’s spokeswoman declined to comment. With such a maneuver, CEO Christian Sewing would achieve his goal of reducing costs – including on the board. “Administrative departments” in the broadest sense could then be redistributed among the other board members. Legal director Simon at least has apparently strengthened his divisional management to such an extent that he personally still has the capacity for further tasks.
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