Press Release Press Release


May 07, 2009

Personnel changes on the board of management of Commerzbank

The Supervisory Board of Commerzbank today appointed Martin Blessing, spokesperson for the board of management, as the chairman of the board of management. In addition, the Supervisory Board appointed Ulrich Sieber (43) and Jochen Klösges (44) as at June 1 as new members of the board. Ulrich Sieber will at the same time be the Chief Human Resources Officer of the bank. Finally, the Supervisory Board decided that Wolfgang Hartmann (59) is to leave the board of management. His successor with immediate effect as Chief Risk Officer will be Dr. Stefan Schmittmann (52), to date responsible on the board for the areas Commercial Real Estate and Central & Eastern Europe (CEE).

In light of these personnel decisions the board of management of Commerzbank has decided to change the division of responsibilities as follows from June 1, 2009 onwards: Ulrich Sieber will be responsible on the board for the area of Human Resources and Integration. As of June 1 Jochen Klösges will also assume his new function as the board member with responsibility for the newly-created segment Real Estate und Public Finance.

The board of management has also decided to expand the responsibilities of Dr. Eric Strutz and Dr. Achim Kassow. Chief Financial Officer Eric Strutz will also head the newly-created Portfolio Restructuring Unit from June 1 onwards. In this newly-established unit Commerzbank intends to reduce the portfolios that are not part of its core business; this reduction is to have as little impact as possible while maximizing their value. Achim Kassow, responsible on the board for Private Clients, will also assume responsibility for the segment Central & Eastern Europe (CEE) from June 1 onwards.

Ulrich Sieber was active in various senior positions at Dresdner Bank from 2001 to 2005. Since 2006 he has been the head of the group area Human Resources at Commerzbank. Jochen Klösges, who was with Dresdner Bank from 1983 to 2001, moved to Eurohypo in 2002, where he was a member of the board for several years, and has been in charge of group development at Commerzbank since March 2007. With Martin Blessing, Markus Beumer, Jochen Klösges and Ulrich Sieber the board of management now has four members who have spent the major part of their professional careers with Commerzbank and Dresdner Bank.

Stefan Schmittmann started his banking career in 1986 with what is now HVB, the then Bayerische Vereinsbank, after studying economic sciences at the University of St. Gallen. He held various senior functions in the credit sector and controlling, before taking over the co-management of the risk management at the group's headquarters in Munich in 1996; five years later he rose to the position of Chief Risk Officer on the divisional board.

"We would like to thank Wolfgang Hartmann for his many years of commitment to the bank. He has established an excellent reputation as Chief Risk Officer and served Commerzbank excellently over many years," said Klaus-Peter Müller, chairman of the Supervisory Board of Commerzbank.

Martin Blessing: "I am looking forward to working with my two new colleagues. We will form a strong team on the board, able to master the forthcoming challenges. And Stefan Schmittmann is a proven expert in the field of risk management, with many years of experience as Chief Risk Officer. This makes him exactly the right person for this task."


This release contains statements concerning the expected future business of Commerzbank, efficiency gains and synergies expected in connection with the transaction, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial data. These forward-looking statements are based on management's current 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. Commerzbank has no obligation to periodically 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.

This release does not constitute an offer to sell or a solicitation of an offer to buy shares of Commerzbank. Shares of Commerzbank may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Commerzbank does not intend to conduct a public offering of shares in the United States.