Some of Deutsche Bank AG’s top financial supervisors have doubts that Chief Executive Officer Christian Sewing’s latest pick for the management board is qualified for the job.
Several watchdogs are worried that Michael Ilgner, hired as head of human resources from a small non-profit, doesn’t have experience leading large organisations or the banking background needed to join the top executive body, said people familiar with the matter, asking not to be identified discussing the private information. European Central Bank approval is required for an employee to join the management board, but banks can fill positions below that level at their discretion.
“We have said that we have hired Michael Ilgner with a long-term perspective,” said a spokesman for the bank. “He is designated to join the management board when the regulatory requirements are met. There is no reason at all to hurry.” He said that Fabrizio Campelli’s appointment as board member responsible for transformation and human resources ensures “a well-functioning governance structure.”
A spokeswoman for the ECB declined to comment.
The supervisors’ reservations mark the second time in as many months that Deutsche Bank’s leadership decisions have raised eyebrows. In October, supervisory board member Juerg Zeltner decided to resign from the board of directors a month into his tenure after regulators saw a conflict of interest in his role as CEO of a rival wealth manager, people familiar with the matter have said.
Deutsche Bank announced the hire of Ilgner on November 1. A former water polo player in the German Olympic team, he leads the non-profit German Sport Aid Foundation.