#coceos

Lycra Company Announces New Co-CEOs

The lycra The company is introducing a new co-CEO structure. Lycra announces new co-CEOs. – Facebook: Lycra brand The leader in developing innovative solutions for the textile, clothing and personal care industries announced on Thursday the appointment of Yafu Qiu, Chairman of the Lycra Company, and Julien Born, Chief Commercial Officer of the Lycra Company, as Co-Chief Executive…

Netflix Co-CEOs Set To Earn $34M Each Next Year

The Coronavirus pandemic has had a devastating impact on the global economy, with hundreds of thousands of people losing their jobs, and the raft of protests across the world over the summer sought to draw more attention to the massive social and societal discrepancies that everybody knows about, but those in a position of power are reticent to change. There are tough times ahead, but one of the…

Makarim Writes Farewell Letter To Gojek, Handovers To New Co-CEOs

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Gojek’s former CEO Nadiem Makarim was officially appointed as Indonesia’s new Minister of Education and Culture today.

He will not retain “any executive or advisory role” with the company, but will still be holding on to his stake in the firm as a “passive shareholder“.

As he assumes his new role, Makarim sent out a company-wide farewell letter today, in which he reflected the firm’s…

Bitmain Co-CEOs to Keep Decision Making Power in Executive Swap, Report

Chinese Bitcoin mining giant Bitmain’s co-founders Jihan Wu and Micree Zhan Ketuan will quit their posts as co-CEOs but still steer the company’s important decisions. Hong Kong-based English-language news outlet South China Morning Post reported the news Jan. 10.

Referencing anonymous “people familiar with the matter,” the publication said Bitmain’s director of product engineering Wang Haichao…

TSMC's founder to retire and hand reins to co-CEOs in June

Mon, Oct 02, 2017 – 3:41 PM [TAIPEI] Taiwan Semiconductor Manufacturing Co chairman and founder Morris Chang will retire in June next year, handing the helm of the world’s largest producer of made-to-order microchips to the company’s two co-chief executives. Mark Liu will succeed Mr Chang as chairman while CC Wei will become chief executive officer when Mr Chang steps down, the company said in a…

New Post has been published on http://www.newsfrombanks.com/deutsche-bank-co-ceos-resign-shares-jump-8.html

Deutsche Bank Co-CEOs Resign; Shares Jump 8%

NEW YORK (TheStreet) — Deutsche Bank (DB – Get Report) shares surged the most in two years as investors welcomed a management overhaul at Germany’s biggest bank. The appointment of John Cryan as chief executive of Deutsche Bank sent shares in the German bank and lender up 8% on Monday as investors judged the Briton a more credible contender than his two ousted predecessors to revive the bank’s fortunes.

Cryan faces one of the most difficult jobs in global finance as he aims to move Deutsche Bank beyond the raft of regulatory and legal probes that have bedeviled the bank under its current management and execute a strategic overhaul. Cryan takes over from Anshu Jain and Jürgen Fitschen, Deutsche’s co-chief executives, who announced their resignations on Sunday, just over a month after unveiling a cost-cutting drive designed to arrest the bank’s sub-par performance.

Investor skepticism greeted the turnaround plan, due to a lack of detail and a poor record on meeting targets, together with staff disquiet at the prospect of thousands of job cuts. That heaped pressure on the duo. At the bank’s annual shareholder meeting two weeks ago, 39% of the capital represented voted against the management board, and some investors called for Jain and Fitschen to go.

Deutsche Bank has pledged to give more detail on its strategic revamp at the end of next month, and some investors were hopeful that Cryan, who helped steer Swiss bank UBS (UBS) through the financial crisis, would be able to take more radical action than Jain, a former investment banker who wanted Deutsche Bank to be Europe’s answer to Goldman Sachs (GS).

Deutsche’s “Strategy 2020″ involves shrinking parts of its investment bank and selling off its Postbank retail unit. Jain and Fitschen had originally favored a more radical plan to get rid of Deutsche’s entire retail business and become a pure investment bank and wealth manager, but they dropped it due to regulatory hurdles and opposition from Berlin, supervisor concerns and trade union objections. Must Read: How the 10 Biggest Banks Make Money Now Might Surprise You

TheStreet Ratings team rates DEUTSCHE BANK AG as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

“We rate DEUTSCHE BANK AG (DB) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company’s weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and unimpressive growth in net income.”

New Post has been published on http://www.newsfrombanks.com/co-ceos-of-deutsche-bank-quit-under-pressure.html

Co-CEOs of Deutsche Bank quit under pressure

FRANKFURT, Germany — Bowing to increasing shareholder pressure, Deutsche Bank said Sunday that its co-chief executives, Anshu Jain and Jurgen Fitschen, had resigned and would be replaced by John Cryan, the former chief financial officer of the Swiss bank UBS.

Some large shareholders had called for Jain and Fitschen to step down because of a series of large legal penalties imposed on the bank for past wrongdoing, as well as inconsistent profit and questions about the bank’s strategy.

The resignation of Jain, 52, will take effect at the end of June. Fitschen, 66, will stay on for another year to ensure a smooth transition, according to Deutsche Bank.

Although some shareholders had been clamoring for a change in management, Jain’s resignation still comes as a surprise. Less than three weeks ago, Deutsche Bank’s supervisory board granted him more power, giving him direct responsibility for a reorganization plan intended to simplify the bank, save 3.5 billion euros ($ 3.9 billion) annually and produce a profit equal to at least 10 percent of the capital invested.

A person with knowledge of the situation said that, although he had been under pressure from shareholders, Jain was leaving of his own volition. He will not collect a 15 million euro severance payment he would have received if he had been fired, the person said.

Jain, who was born in India and earned an MBA at the University of Massachusetts, has worked at Deutsche Bank for 20 years and played a major role in establishing the bank as a force on Wall Street and a credible rival to U.S. investment banks like Goldman Sachs and JPMorgan Chase.

But since becoming co-chief executive in 2012, Jain had faced questions about whether someone so closely identified with the investment banking unit was the right person to deal with serious accusations of wrongdoing. The misconduct at Deutsche Bank has almost always stemmed from activities at the investment banking unit.

In April, Deutsche Bank agreed to pay $ 2.5 billion to the United States and British authorities to settle accusations that some employees had conspired to rig benchmark interest rates. While Jain was not accused of taking part in the conspiracy, some shareholders said he handled the investigation and settlement badly.

The fine was more than other banks paid in the same case, reflecting what the authorities said was foot-dragging by Deutsche Bank in providing information to investigators.

The bank has also faced criticism from U.S. regulators. In late 2013, the Federal Reserve Bank of New York sent a letter to Deutsche Bank directing it to fix long-standing deficiencies in its financial reporting procedures.

Cryan, 54, is a member of Deutsche Bank’s supervisory board, a part-time post. But he has never held an executive position at the bank, and therefore will be untainted by past misconduct.

Cryan’s lack of a personal history with the investment banking unit may lead to speculation that Deutsche Bank will follow other European banks like UBS, Credit Suisse and Barclays and scale back its investment banking activities.

Investment banking has become less profitable because of pressure from regulators keen on avoiding another financial crisis. Banks are being required to reduce their dependence on borrowed money, which makes many investment banking activities less profitable.

Cryan will be co-chief executive with Fitschen until next year, then become sole chief executive, the bank said.

Paul Achleitner, the chairman of the Deutsche Bank supervisory board, said in a statement that the decision by Jain and Fitschen to step down “demonstrates impressively their attitude of putting the bank’s interests ahead of their own.”

“Anshu has earned a place in our bank’s history as an executive who helped to transform Deutsche Bank into the global leader, rooted in Germany, that it is today,” Achleitner said.

Jain said in a statement: “I will be forever honored to have served here, and I am convinced that the future of the bank is bright and in very good hands.”

Partly because of the $ 2.5 billion settlement, Deutsche Bank’s profit in the first three months of the year sank by about half, to 559 million euros from 1.1 billion euros a year earlier. Legal costs more than offset a 24 percent increase in quarterly revenue, to 10.4 billion euros.

As part of a reorganization announced in April, Deutsche Bank plans to sell its Postbank unit, which provides banking services primarily to German individuals. Deutsche Bank will also shrink its investment bank, while trying to remain in the same league as its big American rivals.