Commerzbank AG, Germany's second largest bank, announced late last week that it has appointed Manfred Knof as CEO and Chairman of the Board of Managing Directors, subject to regulatory approval. The appointment is planned to take effect on January 1, 2021. Knof will succeed current CEO Martin Zielke, who resigned in July and leaves on December 31 this year.

Knof, who has over 25 years' experience in the financial services industry, is presently the head of retail banking at Deutsche Bank, the largest bank in Germany. Before joining Deutsche Bank, he held a number of senior leadership positions with Allianz, including CEO of the insurer's Germany business, regional CEO for its Central Eastern Europe business, and head of its Swiss business. He also held various leadership roles at Dresdner Bank.

Hans-Jörg Vetter, Chairman of the Supervisory Board of Commerzbank, said: "I am pleased that we have been able to win Manfred Knof for the role of Commerzbank's CEO. Manfred Knof is an experienced and highly effective top manager who has proven himself in a wide range of tasks in the financial services industry. He brings the necessary expertise and human leadership skills for the tasks that lie ahead of the Bank.”

Knof is expected to lead the bank in a heavy restructuring program which includes extensive cost cuts and which may lead to thousands of job losses, according to one Bloomberg report. Commerzbank lost millions of euros in the Wirecard collapse earlier this year, which had probably contributed to Zielke's resignation.