By Ed Frankl

Commerzbank said Saturday that former Bundesbank president Jens Weidmann would replace Helmut Gottschalk next year as head of its supervisory board, offering the bank a leading figure in German banking as it faces the challenges of a likely recession.

Mr. Gottschalk, supervisory board chief since 2021, will step down due to age reasons after the next annual general meeting in May and had himself proposed Mr. Weidmann as his replacement, Germany's second-largest bank said.

After a ten-year tenure, Mr. Weidmann unexpectedly resigned as head of Germany's central bank last year.

Shareholder representatives responded positively to the proposal, Commerzbank added.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

November 21, 2022 01:38 ET (06:38 GMT)

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