Commerzbank Lays Foundation for Leadership Transition

The Supervisory Board of Commerzbank AG has announced a leadership transition with Bettina Orlopp appointed as the new CEO, succeeding Manfred Knof. Orlopp will assume her role after Knof's departure, which is expected soon. Knof declared earlier this month that he wouldn't seek a second term.

Michael Kotzbauer has been named the new Deputy CEO. Both Orlopp and Kotzbauer will have five-year contracts. During the transitional period, Orlopp will also act as CFO until a successor is found.

Jens Weidmann, Chairman of the Supervisory Board, praised Orlopp and Kotzbauer as co-architects of the bank's future strategy. Orlopp expressed gratitude for the role and commitment to continue creating value for shareholders, customers, and employees.

Knof has led Commerzbank since 2021, while Orlopp joined in 2014 and served as CFO. Kotzbauer also has a long-standing history with the bank, starting as an apprentice in 1990.