Ex-Merrill Lynch boss John Thain to join Deutsche Bank board in reshuffle

John Thain Briefing

The former chief executive of Merrill Lynch and current Uber board director John Thain is among the four new members Deutsche Bank has nominated to join its board.

The bank, which is pushing through a major shake-up of its shareholder representatives, has also nominated ex-Morgan Stanley banker and investment firm head Mayree Clark, former UBS chief information officer Michele Trogni and PwC Europe executive chairman Norbert Winkeljohann.

The board reshuffle is not directly linked to an apparent tiff between its chairman and chief executive which surfaced last week, after it emerged chairman Paul Achleitner had been attempting to recruit new candidates to fill the role of CEO John Cryan.

Cryan, in turn, insisted he remained committed to the bank and was not leaving.

Read more: Deutsche Bank: John Cryan finds it tough at the top of Germany's totemic lender

Rather Thain, Clark, Trogni and Winkeljohann will be replacing long-serving members of the board, whose terms of office have expired and who are "not available" for re-election.

“We are delighted to have been able to attract such highly qualified new members, each with many years of experience in the financial sector,” said Achleitner.

"Dina Dublon, Louise Parent, Henning Kagermann and Johannes Teyssen have made valuable contributions to the Supervisory Board during what have been challenging times. I would like to thank them most sincerely for their dedication and tireless commitment to Deutsche Bank, also on behalf of my colleagues."

Gerd Schütz, who was elected to the board last year, has been nominated for re-election for five years.

Shareholders will vote on whether to accept the nominees at Deutsche Bank's May annual general meeting.

Read more: Deutsche Bank starts hunt for successor to John Cryan

The nominees in more detail

John Thain is perhaps best known for his roles as the chief executive of US commercial banking company CIT Group, Merrill Lynch and the New York Stock Exchange. He was also formerly president and chief operating officer of Goldman Sachs, and is now a board member of Uber.

Mayree Clark is the founder and managing partner of investment firm Eachwin Capital, which began life as a institutional investment management group focused on US equities but now operates as a family investment firm for Clark.

She spent 24 years at Morgan Stanley, and is currently a director of Ally Financial, Regulatory Data Corp. and Taubman Centers.

Meanwhile Michele Trogni is currently on the board of directors at Canadian human resources giant Morneau Shepell, was most recently executive vice president at IHS Markit and spent 25 years at UBS, most recently as chief information officer.

Norbert Winkeljohann's appointment had already been announced last month. He is due to step down from PwC, where he is currently the Europe executive chairman and group executive spokesperson, at the end of June.

Full story: Ex-Merrill Lynch boss John Thain to join Deutsche Bank board in reshuffle: City A.M.

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