Deutsche Bank names Volkswagen CFO to board as Alexander Schütz steps down

Deutsche Bank names Volkswagen CFO to board as Alexander Schütz steps down

Deutsche Bank has named Volkswagen chief financial officer Frank Witter as a new member of its supervisory board, replacing Alexander Schütz, the executive who came under fire for email communications with the boss of scandal-ridden payments firm, Wirecard.

Witter has been nominated as successor to Schütz, and his appointment will be voted upon at the bank’s annual general meeting in May, the bank said in a statement. Witter is set to retire from Volkswagen in June 2021.

It emerged on 10 March that Schütz was set to step back from Deutsche after around four years at the German lender. His term was due to end in 2023.

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In January, the Financial Times reported that Schütz had been reprimanded by the German lender for emails he sent to Wirecard boss Marcus Braun, telling him to “do this newspaper in!! :-)” over its negative coverage of the firm. Schütz later apologised for his remarks, which emerged during a hearing of the German parliamentary inquiry into Wirecard’s collapse.

“We are delighted to be able to nominate Frank Witter, a proven financial expert and a representative of a leading German industrial firm, for election to the supervisory board,” said Deutsche chairman Paul Achleitner.

Acheitner said that over the past four years Schütz “has made important contributions during this period. We thank him for his work and wish him well.”

To contact the author of this story with feedback or news, email Paul Clarke

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