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Ackermann to stay at Deutsche Bank helm

Josef Ackermann has been contracted to stay on for another three years as chief executive of Deutsche Bank.

This content was published on April 28, 2009 - 08:58

The Swiss banker had insisted in February that he would quit the post at Germany's biggest bank when his current contract expires in 2010.

The new extension to his contract, which is to be formally settled after the board meets on July 28, will run until 2013.

"Ackermann has strategically and successfully guided the bank through the crisis," Deutsche Bank's board head Clemens Boersig said, noting that the decision was an expression of its "appreciation and high esteem" for Ackermann.

The bank announced net profits of €1.2 billion (SFr1.8 billion) for the first quarter of 2009, compared with a net loss of €141 million in the same period in 2008.

Ackermann, a former CEO of Credit Suisse, has headed Deutsche Bank since 2002. He was the first non-German to hold the post since the bank was founded in 1870.

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