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Commerzbank Aktiengesellschaft: Michael Mandel, Board Member for Private Clients, leaves Commerzbank

DJ Michael Mandel, Board Member for Private Clients, leaves Commerzbank

Commerzbank Aktiengesellschaft (CZB) 
Michael Mandel, Board Member for Private Clients, leaves Commerzbank 
 
17-Sep-2020 / 09:42 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*- Michael Mandel, Executive Board Member for the Private and Small Business 
Customers (PSBC) segment, has offered a mutually agreed termination of his 
contract to the Supervisory Board* 
 
*- At its meeting today, the Supervisory Board of Commerzbank decided to 
accept his offer. Michael Mandel's appointment to the Board of Managing 
Directors will end on 30 September 2020* 
 
*- CEO Martin Zielke: 'I would like to thank Michael for a close and trusted 
cooperation. I know Michael as a colleague who has always fought for the 
Bank with passion and a great deal of personal commitment. I wish him all 
the best for his private and professional future.'* 
 
*- The Chairman of the Supervisory Board Hans-Jörg Vetter said: 'Michael has 
shaped Commerzbank's private customer business. He has had a significant 
impact on the successful development of the segment and deserves gratitude 
and respect for it.'* 
 
*- Sabine Schmittroth assumes interim responsibility for the Private and 
Small Business Customers (PSBC) segment from 01 October 2020* 
 
*- Marcus Chromik takes on the temporary responsibility for Compliance* 
 
Michael Mandel, Member of the Board of Managing Directors for the Private 
and Small Business Customers (PSBC) segment, has offered a mutually agreed 
termination of his contract to the Supervisory Board. At its meeting today, 
the Supervisory Board of Commerzbank decided to accept his offer. The 
appointment of Michael Mandel as a member of the Executive Board will end by 
mutual agreement on September 30, 2020. 
 
Martin Zielke, CEO at Commerzbank, said: 'I would like to thank Michael for 
a close and trusted cooperation. I know Michael as a colleague who has 
always fought for the Bank with passion and a great deal of personal 
commitment. I wish him all the best for his private and professional future. 
Sabine, through her many years of experience in the Private and Small 
Business Customers segment, brings with her a wealth of experience to take 
the segment forward in its further development.' 
 
'Michael has shaped Commerzbank's private customer business. He has had a 
significant impact on the successful development of the segment in the past 
few years and deserves gratitude and respect for it.' said Hans-Jörg Vetter, 
Chairman of the Supervisory Board of Commerzbank. 
 
Michael Mandel began his career at Dresdner Bank in 1996. After a position 
at McKinsey, in 2002 Mr Mandel moved to Commerzbank, initially as Divisional 
Head for Business Development. From 2005 onwards he held the position of 
Divisional Board Member for Private and Business Customers. In 2008, Mr 
Mandel took over as CEO of Comdirect Bank AG in Quickborn. Following his 
return to Frankfurt as Divisional Board Member for Private Clients in 2010, 
Mr Mandel made a significant contribution to the successful realignment of 
the Private Customer Segment. In May 2016, he became a Member of 
Commerzbank's Board of Managing Directors responsible for the Private and 
Small Business Customers (PSBC) segment. This role included the 
responsibility for the branch network, Comdirect Bank AG, Commerz Real and 
mBank. 
 
From 1 October Sabine Schmittroth will assume the responsibility for the 
Private and Small Business Customers (PSBC) segment in the Board of Managing 
Directors in addition to her role as Board Member responsible for Human 
Resources. 
Marcus Chromik, Chief Risk Officer, will assume the responsibility for 
Compliance. 
 
***** 
 
*Press contact* 
Margarita Thiel +49 69 136-46646 
Gunnar Meyer +49 69 136-27298 
 
***** 
 
About Commerzbank 
Commerzbank is a leading international commercial bank with branches and 
offices in almost 50 countries. In the two business segments Private and 
Small Business Customers and Corporate Clients, the Bank offers a 
comprehensive portfolio of financial services which is precisely aligned to 
its clients' needs. Commerzbank finances approximately 30% of Germany's 
foreign trade and is the leading finance provider for corporate clients in 
Germany. Due to its in-depth sector know-how in the German economy, the Bank 
is a leading provider of capital market products. Its subsidiaries Comdirect 
in Germany and mBank in Poland are two of the world's most innovative online 
banks. With approximately 1,000 branches, Commerzbank has one of the densest 
branch networks among German private banks. In total, Commerzbank serves 
more than 18 million private and small business customers, as well as more 
than 70,000 corporate clients, multinationals, financial service providers, 
and institutional clients worldwide. In 2018, it generated gross revenues of 
&euro8.6 billion with approximately 49,000 employees. 
 
***** 
*Disclaimer* 
This release contains forward-looking statements. Forward-looking statements 
are statements that are not historical facts. In this release, these 
statements concern inter alia the expected future business of Commerzbank, 
efficiency gains and expected synergies, expected growth prospects and other 
opportunities for an increase in value of Commerzbank as well as expected 
future financial results, restructuring costs and other financial 
developments and information. These forward-looking statements are based on 
the management's current plans, expectations, estimates and projections. 
They are subject to a number of assumptions and involve known and unknown 
risks, uncertainties and other factors that may cause actual results and 
developments to differ materially from any future results and developments 
expressed or implied by such forward-looking statements. Such factors 
include the conditions in the financial markets in Germany, in Europe, in 
the USA and other regions from which Commerzbank derives a substantial 
portion of its revenues and in which Commerzbank holds a substantial portion 
of its assets, the development of asset prices and market volatility, 
especially due to the ongoing European debt crisis, potential defaults of 
borrowers or trading counterparties, the implementation of its strategic 
initiatives to improve its business model, the reliability of its risk 
management policies, procedures and methods, risks arising as a result of 
regulatory change and other risks. Forward-looking statements therefore 
speak only as of the date they are made. Commerzbank has no obligation to 
update or release any revisions to the forward-looking statements contained 
in this release to reflect events or circumstances after the date of this 
release. 
 
ISIN:          DE000CBK1001 
Category Code: MSCU 
TIDM:          CZB 
LEI Code:      851WYGNLUQLFZBSYGB56 
Sequence No.:  84355 
EQS News ID:   1132907 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

September 17, 2020 03:42 ET (07:42 GMT)

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