(Bloomberg) -- Deutsche Bank AG supervisory board chairman Paul Achleitner said John Cryan had to leave as chief executive officer because the executive board was too slow in its decision-making, according to an interview with Frankfurter Allgemeine Zeitung.
The speed of board decision-making and implementation was “hindered” during the Briton's tenure, Achleitner told the newspaper. He also pointed to the bank's share price, which last week sunk to below 11 euros compared with about 17 euros a year ago when the bank announced its capital raising plans. The bank late Sunday said Christian Sewing will take over from Cryan as CEO.
Achleitner also defended his decision to propose former Merrill Lynch CEO John Thain for a position on the bank's supervisory board, a proposal on which shareholders will vote next month. Thain's history -- notably his lavish spending in the run up to the financial crisis in 2008 -- has attracted harsh comments from German media.
"The bank will now be steered more strongly from Germany, but the supervisory board also needs members with long experience in international finance," Achleitner said. "When you're in rough seas, I'd rather have an experienced seaman at my side than a weekend sailor."
To contact the reporter on this story: Geoffrey Smith in Frankfurt at gsmith325@bloomberg.net.
To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net.
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