Deutsche Bank today said it named new heads of technology and operations, risk and compliance, respectively, while promoting the three senior executives to its management board.
Henry Ritchotte, 48, who is currently chief operating officer for the global markets division, will be C0O with oversight of technology, operations and strategy.
Stuart Lewis, 46, currently deputy chief risk officer and head of risk for the corporate and investment bank, will be in charge of market, credit and operational risk.
Stephan Leithner, 45, co-head of investment banking coverage and advisory, will lead global human resources, legal and compliance and have oversight for regional management in Europe excluding Germany, the statement said.
A Bloomberg News story said the management shake-up is a result of the change in leadership at the top as Josef Ackermann steps down after a decade as CEO. The bank’s two new co-CEOs, Anshu Jain and Juergen Fitschen takeover in May, and are promoting people they worked with closely, according to sources quoted in the Bloomberg News article.
Meanwhile, Dr. Hugo Bänziger, 56, the former chief risk officer, and Hermann-Josef Lamberti, 56, who was COO and headed operations and technology, have decided to step down from the management board and to leave the bank on May 31, 2012.
In a statement, Dr. Clemens Börsig, chairman of Deutsche Bank’s supervisory board, thanked Banziger and Lamberti for their service. “Hugo Bänziger has played a crucial role in helping the Bank get through the financial crisis. Thanks to Hermann-Josef Lamberti, the Bank today has an excellent, state-of-the-art infrastructure.”
Commenting on the promotions of Leithner, Lewis and Richotte,. Börsig continued: “We welcome Stephan, Stuart and Henry to the Management Board. They are long-serving colleagues who are members of a new generation of management talent, and they are well prepared to continue serving the bank in their new roles. Their appointments and the generational change within the GEC [global executive committee] are a clear articulation of the strength of the Bank’s deep pool of leadership talent.”