Deutsche Bank’s supervisory board committee supported the nomination of a new chairman, formerly from Dutch insurance firm Aegon.
The supervisory board committee fully backed the nomination of Alexander Wynaendts as the German lender’s new chairman and he now awaits the appointment to be confirmed by shareholder votes in May, according to a report citing an internal memo.
If successful, Wynaendts will succeed current chairman Paul Achleitner, another former insurance executive from Allianz.
Wynaendts has experience in the fields that always made Deutsche Bank stand out: strong expertise in retail, corporate, and capital markets business as well as in asset management – and a global network, said Deutsche Bank chief executive Christian Sewing in the memo.
Wynaendts has over 30 years of experience in the financial sector, serving as CEO and chairman of Aegon from 2008 to 2020 after first joining the Hague-headquartered insurer in 1997.
At Aegon, Wynaendts led the insurer through a 3 billion euro ($3.39 billion) state bailout and restructuring in the midst of the 2008 financial crisis.
He began his financial services career with ABN AMRO in 1984, working in the Dutch lenders’ private banking and investment banking operations in Amsterdam and London.