Top investors of Deutsche Bank focusing discontent on chairman

Bloomberg

Some top Deutsche Bank AG investors are growing increasingly dissatisfied with supervisory board Chairman Paul Achleitner.
Cerberus Capital Management and HNA Group have internally discussed pushing for Achleitner’s exit before his term expires in 2022, according to people with knowledge of the matter. While the shareholders have voiced their frustrations among themselves, it’s unclear how they’ll vote at the bank’s annual general meeting.
The deliberations add to signs that Deutsche Bank will face tough questions when investors and management convene at what’s shaping up to be one of the most tense gatherings of the season.
The biggest shareholder advisory firms are recommending to vote against last year’s actions by the supervisory and management boards — a rejection that would amount to an embarrassing vote of no confidence but wouldn’t force leaders to step down.
Achleitner, an Austrian who took the role seven years ago, has overseen a series of botched turnaround efforts and management changes that have failed to restore growth and profitability.
Shares of the lender have lost about 40 percent in the past year and hovered near a record low on Tuesday, after revenue contracted for nine straight quarters and Chief Executive Officer Christian Sewing cut the outlook for 2019.
Senior European Central Bank officials have also suggested that Achleitner’s exit would be in the lender’s best interests, other people said.