Commerzbank: Kassow To Leave For Oldenburgische Landesbank CEO Post
May 19 2011 - 2:55PM
Dow Jones News
Germany's Commerzbank AG (CBK.XE) said Thursday management board
member Achim Kassow will leave the company July 12 to become chief
executive of Oldenburgische Landesbank, a unit of Allianz SE
(ALV.XE).
Ulrich Sieber, 45, management board member for human resources
and integration of Dresdner Bank, will in addition assume
responsibility for the bank's business in Central and Eastern
Europe, which is currently Kassow's job, the bank said.
Kassow, 44, is leaving the bank at his own request, Commerzbank
said.
Oldenburgische Landesbank is the largest private regional bank
in Germany, and through its Allianz Bank branch offers banking
services for customers and representatives of Allianz in
Germany.
"Achim Kassow has made a major contribution to the success of
the bank," said Klaus-Peter Mueller, chairman of Commerzbank's
supervisory board. "He was responsible for the strategic
disinvestments in asset management, has clearly expanded our market
position in the private customers business, and attained the
turnaround with our business in Central and Eastern Europe."
Kassow has been a member of the management board since November
2004. Before that, he was chief executive of Commerzbank's online
bank comdirect for two years.
Sieber has been Member of Commerzbank's management board since
June 2009.
Kassow will succeed Benedikt Buhl as chief executive of
Oldenburgische Landesbank. Oldenburgische Landesbank said Buhl, CEO
since the beginning of 2009, has requested that the supervisory
board relieve him from duty from May 19. The bank said Buhl is
leaving Oldenburgische Landesbank by mutual consent due to
different views on the bank's future strategy.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com