The current CEO was expected to stand for the position once his term as CEO and chairman of the management board expired in May 2012 following the bankâs general meeting.
However, Paul Achleitner, German insurer Allianz SE's chief financial officer, has been nominated as chairman instead.
Dr Ackermann said: âThe extremely challenging conditions on the international financial markets and in the political-regulatory environment demand my full attention as the chairman of the bankâs management board.
âThis does not allow enough scope for the many talks with individual shareholders necessary to implement the original plan.â
The planned transition of the current CEOâs duties to Jurgen Fitschen and Anshu Jain will begin at the start of 2012 as previously announced, the bankâs statement explained.
Dr Ackermannâs decision arrives as prosecutors in Munich launched an investigation into whether he provided a false testimony in a law suit over the collapse of business man Leo Kirchâs operations in 2002.
By Jim Ottewill