The supervisory board of Commerzbank has complied with the request of Klaus-Peter Muller to release him from his role as member and chairman of the board of managing directors.
The board has invited Mr Muller to stand for election to the supervisory board. Martin Kohlhaussen, chairman of the supervisory board of Commerzbank, has confirmed to the board that in accordance with the Articles of Association, he will not be standing for re-election at the Annual General Meeting.
Martin Blessing, who is currently responsible for the Mittelstandsbank segment, will succeed Mr Muller as chairman of the board of managing directors. Martin Blessing studied business management in Frankfurt and St Gallen. He began his professional career as a consultant at McKinsey. He served as chairman of the board at Advance Bank before being appointed to the board of managing directors of Commerzbank.
Frank Annuscheit and Markus Beumer were appointed to the board of managing directors. The supervisory board has appointed Frank Annuscheit and Markus Beumer as new members of the board of managing directors with effect from January 1, 2008.
Martin Kohlhaussen, chairman of the supervisory board of Commerzbank, said: Under difficult external circumstances and within a very short time, Klaus-Peter Muller transformed Commerzbank into a successful, internationally respected institution and propelled it to second place in the German banking industry through the acquisition of Eurohypo. For this magnificent achievement the Supervisory Board owes him an enormous debt of gratitude.