Commerzbank CEO won't extend contract

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Martin Blessing, who led Commerzbank for seven years, won’t extend his contract when it expires in 2016, becoming the latest CEO to join an unprecedented wave of management changes at Europe’s banks.

Bloomberg News reports that the CEO’s term is due to run until October, and he was offered an extension but declined, the bank said in a statement Sunday.

'It is now time for me to embark on a new chapter in my professional life', Blessing said in the statement. He didn’t elaborate on what he’ll do next.

Blessing, 52, led the firm during a $20.1bn bailout in the financial crisis and orchestrated its subsequent overhaul. He proved to be one of the most resilient bank CEOs in Europe, remaining at the top of the firm through an ill-fated takeover and a writedown on Greek debt. 

To access the complete Bloomberg News article hit the link below:

Commerzbank CEO Blessing Won't Extend His Contract Beyond 2016

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