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Deutsche Bank CEO steps down

01 June 2012 11:37 (UTC +04:00)

Baku - APA-Economics. Deutsche Bank chief Josef Ackermann officially stepped down on Thursday, ending a decade-long reign as head of Germany’s biggest bank during which he repeatedly courted controversy, APA reports quoting German media.

At the end of Deutsche Bank’s annual shareholder meeting at Frankfurt’s huge Messehalle exhibition hall, Swiss-born Ackermann, 64, handed over the reins to his two successors, Anshu Jain and JÃ¼rgen Fitschen.

"It is a very special day for me, a day with a touch of sadness, but above all with pleasure," Ackermann said.

The outgoing chief executive insisted Deutsche Bank was "even stronger and more stable than it already was" and he said he was pleased to be able to "hand over this bank in such outstanding shape to my successors."

While for many Germans, Ackermann personifies the arrogance and greed of the banking sector, he is widely respected in financial sectors for transforming Deutsche Bank into a truly global player during his 10 years in office.

Ackermann successfully steered his bank through the 2008 global economic and financial crisis without any major mishaps when he was acting as unofficial advisor to Chancellor Angela Merkel and her then finance minister Peer SteinbrÃ¼ck.