LONDON: The acting CEO of Commerzbank AG, Manfred Knof, will leave the Bank on 30 September 2024. The 59‑year‑old and the Supervisory Board have agreed on this.

On Tuesday, it had rearranged the responsibilities at the Group’s top management and appointed Bettina Orlopp (54) as the future CEO and thus as successor to Knof. At the beginning of September, Knof had stated that he was not seeking a second term of office.

Chairman of the Supervisory Board Jens Weidmann thanked Manfred Knof on behalf of the entire board: “Manfred Knof has made lasting contributions to Commerzbank. Four years ago, he took over the chair of the Executive Board in a difficult situation for the Bank and brought Commerzbank back on the track of success through consistent and determined action together with his Executive Board team. Manfred Knof deserves great thanks for his clear focus on a strategy aligned to the needs of customers and the interests of investors, which he has implemented with a special focus on the social responsibility of the Bank and the interests of its employees,” explained Weidmann.

“His willingness to make the change in the CEO position in a timely manner in view of the current challenges demonstrates once again that he has always oriented his actions to the prosperity of the Bank. I wish Mr. Knof personal well-being and success in everything he intends to do,” Weidmann added.

Manfred Knof: “I am proud of what we have achieved together at Commerzbank. The way back into the circle of successful European banks was not easy. Thanks to our profitable, customer-centric business model and the great commitment of the entire Team Yellow, we achieved this faster and more convincing than many expected. Commerzbank is playing in the first league again today and is strong enough to continue to do so. Now, considering the framework conditions, is the right time to transfer my responsibilities as CEO of the Bank to my successor.”

At the beginning of 2021, Knof joined Commerzbank as CEO, following positions at Dresdner Bank, the insurance group Allianz and Deutsche Bank, among others. The lawyer, who holds a doctorate in law, has focused on the Bank’s business model in recent years and has consistently focused on growth and sustainability.