Commerzbank Chief Executive Manfred Knof Announces Departure After His Single Term
The Departure of Manfred Knof
Commerzbank chief executive Manfred Knof will leave Germany’s second-largest listed lender next year after completing a single term at the helm of the partially government-owned bank. This announcement, made on a Tuesday evening, follows the German government’s plan to gradually sell down its 16.5 percent stake in the lender.
Government's Stake Reduction
The finance agency disclosed that it is disposing of 53 million shares in the bank through a placement to institutional investors, reducing its holding to 12 percent. Despite this, the state will remain the lender’s largest shareholder.
Knof's Leadership and Achievements
- Successful Turnaround: Knof has overseen a successful turnaround of the bank.
- Job Cuts and Branch Reductions: Under his guidance, Commerzbank cut one in three jobs in its German market and halved its branch network.
- Innovative Financial Moves: He initiated the first share buybacks in the bank’s history and resumed dividend payments in 2022.
Future Implications
Although Knof will fulfill his contract until December 2025, he does not intend to seek an extension. His departure and the ongoing government share reduction may significantly shape Commerzbank’s future strategy. The bank has begun searching for his successor, with CFO Bettina Orlopp being considered a strong internal candidate.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.