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Seth Waugh to Step Down as CEO of Deutsche Bank Americas

Deutsche Bank announced today that Seth Waugh has decided to step down as CEO of Deutsche Bank Americas.

A successor will be identified in due course. Mr. Waugh will remain as CEO through the selection and transition process. He will then continue to serve the bank in an advisory capacity.

Mr. Waugh has been CEO of the region since April 2000, over which time the Americas operations have seen tremendous growth and development.

Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank, said, "Seth has been a critical driver of Deutsche Bank's impressive development in the Americas as well a cherished advisor to me. Our clients have the highest regard for him and therefore we are delighted that he will continue to work with us in the region."

Mr. Waugh said, "I am incredibly fortunate to have worked with so many outstanding people over the past dozen years here at Deutsche Bank and I am very proud of what we have achieved in the Americas. The bank is extraordinarily well positioned for continued success and growth and I’m looking forward to being part of this success story in a new capacity."