Deutsche Bank board member steps down early following criticism

Deutsche Bank - External

Deutsche Bank supervisory board member Georg Thoma is stepping down two years early after facing criticism that he went too far in probing potential wrongdoing at the company.

Bloomberg News reports that Thoma, 71, will end his service on May 28, Deutsche Bank said in a statement from Frankfurt late Thursday. He is resigning from the board’s integrity committee effective immediately, the bank said.

Thoma, a Shearman & Sterling LLP lawyer, was left isolated after pushing to investigate Chairman Paul Achleitner and mounting intensive inquiries into Deutsche Bank executives, people familiar with the matter have said. Friction arose as Thoma sought to examine potential links between individual board members and legal cases starting in 2014, one of the people said.

That conflict burst into the open this week when at least two board members spoke out against him in public. Deputy Chairman Alfred Herling criticized him for being “overzealous” and spending too much in probing potential wrongdoing. Thoma hasn’t responded to requests for comment on those assertions.

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

Deutsche Bank’s Thoma to Step Down in Wake of Board Clash

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