A brief statement

3 Apr 2006 By Chris Hughes

Deutsche Bank is replacing an old school German chairman with a moderniser in Clemens Boersig. That should mean more unity on strategy. That said, there may be a fly in the ointment. Breuer is leaving because of a legal dispute with Leo Kirch. A big bill could be on the way.

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Rolf Breuer is to stand down as chairman of Deutsche Bank on 3 May. He will be replaced by Clemens Boersig, currently chief financial officer of the German banking group and an ally of its chief executive, Josef Ackermann.

Deutsche said that Breuer was leaving because of a court case brought against him by Leo Kirch, the Bavarian businessman whose media empire went bust in 2002. Kirch claims that some statements Breuer made on television at that time accelerated the collapse. In January, the German appeals court ruled that Kirch could seek damages against Breuer.

Boersig will be replaced as finance director by Tony di Iorio, the group's USborn financial controller. Deutsche is also increasing the size of the management board by offering a seat to Hugo Banziger, its chief risk officer.

Breuer's departure comes as Ackermann faces a second trial over the award of bonuses to senior executives and board members at Mannesmann, the German conglomerate that was bought by Vodafone in 2000.

Breuer, a wellknown figure in German finance, resigned as chairman of Deutsche Boerse last year after shareholders revolted against the exchange's bid for the London Stock Exchange.

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