Commerzbank says chairman steps down for health reasons
- Chairman had joined Commerzbank last year.
- Resignation kicks off search for new chair.
- Commerzbank going through major restructuring.
FRANKFURT: Commerzbank said on Tuesday its chairman Hans-Joerg Vetter is stepping down for health reasons, sparking a search for a replacement in the midst of a major restructuring.
Vetter joined Commerzbank last year and helped install a new chief executive after a period of turmoil and a leadership vacuum at Germany's second largest bank.
Commerzbank this year announced plans to cut 10,000 jobs and close hundreds of branches to become more profitable, with its management now in discussions with labour unions.
Vetter's resignation came in the morning and is effective by the end of Tuesday, the bank said in a statement, adding that it was due to health reasons. It did not give details.
Deputy chair Uwe Tschaege will take on chairman's responsibilities until a successor is named.
A spokesman for Commerzbank declined to comment.
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