Deutsche Bank Top Holder Takes Chairman Search Into Own Hand - Bloomberg

Deutsche Bank Top Holder Takes Chairman Search Into Own Hand - Bloomberg:

Deutsche Bank AG’s top shareholders in Qatar are taking the unusual step of directly approaching candidates to gauge their interest in replacing chairman Paul Achleitner as investor patience runs out after a prolonged stock slump.

Some representatives of the Qatari royal family have held talks with an international recruiting firm as they review potential executives, according to people familiar with the matter. They’re debating whether to try and force Achleitner to leave before his term expires in 2022, the people said, asking not to be identified disclosing private discussions.

The Qatari efforts underscore the frustration of key Deutsche Bank backers after the shares lost about 70% of their value during Achleitner’s time as chairman. The Austrian received his lowest backing yet at this year’s shareholder meeting after a tumultuous period that saw the stock fall to a new record low and the appointment of the fourth CEO under his watch. The Qataris’ stake gives them an outsized voice in choosing the next chairman.