The board of directors decided this at its meeting on Tuesday, the bank said in the afternoon after the stock market closed in Frankfurt. Orlopp should take over the role of the outgoing Manfred Knof as soon as possible. It was announced two weeks ago that he would no longer be available for a contract extension. His contract runs until the end of 2025.
New Deputy Chief
In addition, the board of directors has decided, with Orlopp taking over as chairman of the board, that Michael Kotzbauer will be named as the new deputy chairman of the board, the financial institution said. Both should get five-year contracts.
According to the information, the Board of Directors has started an orderly selection process to fill the post of CFO. For the transition period after the handing over of the baton, Orlopp will continue to hold the post in a personal capacity, it was said. Commerzbank is currently trying to stop a takeover by major Italian bank Unicredit.
