Commerzbank chooses new CEO

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Commerzbank chose Martin Zielke, the insider who overhauled its consumer-banking unit, to succeed Martin Blessing as chief executive officer.

Bloomberg News reports that Zielke, 53, will take over when Blessing’s term ends on April 30, the bank said in a statement after its supervisory board met on Sunday. Blessing, 52, and the company agreed “amicably” for him to leave six months early, according to the statement.

Blessing said in November he wouldn’t extend his contract after helping restructure the lender following its $20bn rescue by German taxpayers during the global financial crisis. Under his leadership, the bank has boosted returns by shrinking its pile of delinquent shipping and commercial real-estate loans, while Zielke’s unit cut jobs.

“Following an intensive selection process, he was the right candidate,” Klaus-Peter Mueller, the bank’s supervisory board chairman, said in the statement. 

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

Commerzbank Consumer Chief Zielke to Succeed Blessing as CEO

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