Deutsche’s Walter takes over as Dresdner CEO

GERMANY – Herbert Walter of Deutsche Bank is to take over as chief executive of Dresdner Bank following the widely-expected resignation of Bernd Fahrholz, which was announced today.

Fahrholz’s resignation had been expected for some time, and today the supervisory board of parent company, insurer Allianz AG, acceded to his request for early resignation. In addition to being chairman of the board of management at Dresdner Bank, Fahrholz was also a member of the board of management of Allianz.

In his letter of resignation to Henning Schulte-Noelle, chairman of the board of management at Allianz, Fahrholz said that he did not want to stand in the way of decisions and changes that would be taking place once Michael Diekmann takes over from Schulte-Noelle at the end of April.

Walter will replace him at Dresdner with immediate effect. Walter has been with Deutsche Bank AG since 1983, most recently as member of the group executive committee of Deutsche Bank, and global head of private and business clients.

In turn, Walter is to be replaced at Deutsche by Rainer Neske, who is deputy chairman of Deutsche Bank’s private and business clients arm.

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