Deutsche Bank's Ackermann to quit in 2010

22 January 2007

Deutsche Bank chief executive Josef Ackermann has confirmed that he will retire when his current contract comes to an end in 2010.

In an interview with Germany's Der Spiegel magazine, Mr Ackerman said that he would not be seeking to extend his term beyond 2010, and was not planning to join the bank's advisory board following his departure.

The Swiss-born 58-year-old banker said that he did not intend to remain within the banking industry beyond his 62nd birthday, although he gave little indication about his retirement plans.

The comments follow what has been widely regarded as a difficult year for Mr Ackermann, who was recently on trial on charges of illegally generating bonuses worth nearly $80 million for board members at German phone company Mannesmann.

The case against him was dropped when he agreed to pay prosecutors $4.2 million.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development