- Orlopp to take over as CEO upon the departure of Manfred Knof
- Supervisory Board aims for the transition in the near future
- Michael Kotzbauer appointed as new Deputy CEO
The Supervisory Board of Commerzbank AG has redefined the responsibilities at the Group’s top management and appointed Bettina Orlopp (54) as the CEO and successor to Manfred Knof (59). The Supervisory Board aims for a transition in the near future. Knof had informed the Chairman of the Supervisory Board Jens Weidmann of his decision not to seek a second term as CEO at the beginning of September. Since then, the Presidential and Nomination Committee of the Supervisory Board has been engaged in a structured search for candidates both internally and externally and recommended the now-approved solution to the full Supervisory Board, which agreed unanimously. Additionally, Michael Kotzbauer (56), Member of the Board of Managing Directors responsible for Corporate Clients, has been appointed as Deputy CEO. Both will receive a contract for 5 years, when entering their new positions. Regarding the succession of the CFO role the Supervisory Board has started a structured search. In the transitional period after hand-over, Bettina Orlopp will take both functions in a dual role.
Jens Weidmann, Chairman of the Supervisory Board, commented on the transition: “With Bettina Orlopp, we have found an ideal successor to lead Commerzbank. Both Bettina Orlopp and Michael Kotzbauer, as co-architects of Strategy until 2027, embody growth, profitability, customer focus, and collaboration. Clear responsibilities are crucial, especially in the current phase of the bank. My sincere thanks go to Manfred Knof, whose decisiveness and strategic foresight have greatly contributed to the bank's current success.”
Bettina Orlopp said: “I am grateful for the trust of the Supervisory Board and all stakeholders of this exceptional bank. I am looking forward to this new challenge, which I take with respect but also with confidence and a fantastic team of Board Members at my side. As a leading bank, especially for the German Mittelstand, we will continue to create substantial value for our shareholders, customers and our employees.” Orlopp stated: “While we have a strategy that is effective, significant tasks lie ahead. Together with all our key partners, we will navigate through the challenges ahead of us successfully.”
Manfred Knof joined Commerzbank as CEO on January 1, 2021, after previous roles at Deutsche Bank and Allianz. Bettina Orlopp joined Commerzbank in 2014 and has been a member of the Executive Board since October 2017, most recently serving as CFO. Prior to that, she spent 19 years at McKinsey & Company. She holds a PhD in business administration, is married and has two children.
Michael Kotzbauer has been a member of the Executive Board since the beginning of 2021 and is responsible for the Corporate Clients business. He began his career at Commerzbank as an apprentice in 1990. After studying business administration, he entered the Corporate Clients segment, holding various positions both domestically and internationally. The native New Yorker is married and has one child.
The Supervisory Board of Commerzbank AG has redefined the responsibilities at the Group’s top management and appointed Bettina Orlopp (54) as the CEO and successor to Manfred Knof (59). The Supervisory Board aims for a transition in the near future. Knof had informed the Chairman of the Supervisory Board Jens Weidmann of his decision not to seek a second term as CEO at the beginning of September. Since then, the Presidential and Nomination Committee of the Supervisory Board has been engaged in a structured search for candidates both internally and externally and recommended the now-approved solution to the full Supervisory Board, which agreed unanimously. Additionally, Michael Kotzbauer (56), Member of the Board of Managing Directors responsible for Corporate Clients, has been appointed as Deputy CEO. Both will receive a contract for 5 years, when entering their new positions. Regarding the succession of the CFO role the Supervisory Board has started a structured search. In the transitional period after hand-over, Bettina Orlopp will take both functions in a dual role.
Jens Weidmann, Chairman of the Supervisory Board, commented on the transition: “With Bettina Orlopp, we have found an ideal successor to lead Commerzbank. Both Bettina Orlopp and Michael Kotzbauer, as co-architects of Strategy until 2027, embody growth, profitability, customer focus, and collaboration. Clear responsibilities are crucial, especially in the current phase of the bank. My sincere thanks go to Manfred Knof, whose decisiveness and strategic foresight have greatly contributed to the bank's current success.”
Bettina Orlopp said: “I am grateful for the trust of the Supervisory Board and all stakeholders of this exceptional bank. I am looking forward to this new challenge, which I take with respect but also with confidence and a fantastic team of Board Members at my side. As a leading bank, especially for the German Mittelstand, we will continue to create substantial value for our shareholders, customers and our employees.” Orlopp stated: “While we have a strategy that is effective, significant tasks lie ahead. Together with all our key partners, we will navigate through the challenges ahead of us successfully.”
Manfred Knof joined Commerzbank as CEO on January 1, 2021, after previous roles at Deutsche Bank and Allianz. Bettina Orlopp joined Commerzbank in 2014 and has been a member of the Executive Board since October 2017, most recently serving as CFO. Prior to that, she spent 19 years at McKinsey & Company. She holds a PhD in business administration, is married and has two children.
Michael Kotzbauer has been a member of the Executive Board since the beginning of 2021 and is responsible for the Corporate Clients business. He began his career at Commerzbank as an apprentice in 1990. After studying business administration, he entered the Corporate Clients segment, holding various positions both domestically and internationally. The native New Yorker is married and has one child.
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