Deutsche Bank’s Paul Achleitner has won support to stay on as the firm’s supervisory board chairman from one of its biggest investors, former Qatar Prime Minister Sheikh Hamad bin Jassim bin Jabr Al Thani.
Bloomberg News reports that Achleitner, under pressure after the bank’s shares lost more than half their value over the past year, should continue in his role, according to a statement Wednesday from Paramount Services Holdings, which is controlled by Sheikh Hamad.
The investment vehicle owns 3.1% of Deutsche Bank stock, second only to BlackRock’s 6.2%, according to data compiled by Bloomberg.
“Paramount Services Holdings does not believe it would be in shareholders’ interests for Supervisory Board Chairman Paul Achleitner to relinquish his position in 2017,” the investment firm said. “Dr. Achleitner’s leadership remains an important factor underlying Paramount Services Holdings’ investment case and confidence in Deutsche Bank.”
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