In view of the threat of a takeover by the Italian Unicredit, Commerzbank is reappointing its top management. Chief Financial Officer Orlopp is to take over the top job.
In the midst of the takeover battle with Unicredit, Commerzbank is making a new appointment to the top of the group. Bettina Orlopp, previously Chief Financial Officer and Vice-CEO, is to take over the top position, the Frankfurt-based institute announced.
With the departure of CEO Manfred Knof, Orlopp will take over the helm “in a timely manner,” it was announced. At the same time, Corporate Clients Director Michael Kotzbauer will become the bank’s new deputy CEO.
In September, the Frankfurt-based DAX group surprisingly announced that CEO Manfred Knof would fulfil his contract, which expires at the end of 2025, but would not extend it. He has led the bank since 2021 and had pushed forward the restructuring of Commerzbank.
Clarity in a critical phase
But with the entry of the major Italian bank Unicredit, which is taking over Commerzbank, major investors such as the fund company Deka are pushing for a speedy clarification of the management board issue. Commerzbank needs clarity in this critical phase.
Orlopp has long been considered a hot candidate to succeed Knof. The 54-year-old has worked for Commerzbank since 2014 and has been a member of the board since 2017. Before that, she was a partner at the management consultancy McKinsey. The business economist, who holds a doctorate, once described herself as a “loyal soul” because she has only worked for two employers in her career.
Unicredit recently made a surprise large-scale investment in Commerzbank. The Italians recently secured the option to increase their stake in Commerzbank from 9 to 21 percent using financial instruments. This would make Unicredit by far the largest shareholder – ahead of the federal government, which holds around 12 percent. At the same time, Unicredit applied for official permission to increase its stake to up to 29.9 percent. This makes an official takeover offer for Germany’s second-largest private bank more likely.
Source: Stern
