John Thain, a former chief executive officer of Merrill Lynch, is expected to join Deutsche Bank’s supervisory board in May, according to a person with knowledge of the German lender’s plans.

Bloomberg News reports that news of the board’s shakeup follows speculation that Deutsche Bank is seeking to replace Chief Executive Officer John Cryan.

The CEO, who has been trying to restructure the company since taking over in mid-2015, sought to quash reports that he may be ousted in a staff memo on Wednesday.

Investor frustration with the bank’s lack of growth prompted Chairman Paul Achleitner to search for a successor to the CEO, people familiar with the matter said this week. Speculation about his position prompted Cryan to tell staff that he’s “absolutely committed” to serving the bank and continuing his work.

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Deutsche Bank to Name John Thain to Supervisory Board

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