Deutsche Bank investor to file AGM motion seeking to oust chairman

Deutsche Bank investor Riebeck-Brauerei plans to file a motion seeking a vote to oust the lender`s chairman Paul Achleitner at this year`s annual general meeting, a lawyer for the activist shareholder said on Thursday.

Jan Bayer, the lawyer for the investor, said the justification to oust Achleitner was for his "dismal performance" and for pursuing a "value-destructive" merger with Commerzbank.

Bayer said that he plans to file the motion for his client in the next week.

Deutsche Bank, which is due to host its annual general meeting on May 23, declined to comment.

Last year, the investor filed a similar motion, prompting the bank to issue a statement supporting Achleitner for his "comprehensive personal and professional skills and integrity".

The small but vocal shareholder faction led by Riebeck-Brauerei last year failed to oust Achleitner, garnering 9.05 percent of the vote, but it was still a blow for Achleitner.

The disaffection with Achleitner comes at a sensitive time for Germany`s largest lender. The bank announced it was in talks to merge with Commerzbank on March 17.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)