In a surprise move, India-born Anshu Jain resigned as the Co-CEO of Germany's biggest bank - Deutsche Bank - loosing the top spot to former UBS banker John Cryan, who will serve as the Co-CEO and will become the "sole CEO" after May 19.
Jain is the second Indian to resign from a global bank after Vikram Pandit who stepped down as the CEO of Citigroup in 2012.
He is also the second Indian to quit a German industry giant after reaching one of the top spots in the leadership ladder after Infosys CEO Vishal Sikka, who resigned as the Executive Board Member of the software major SAP in 2014.
The Germany-based bank today appointed former UBS banker Cryan as the Co-Chief Executive Officer, effective next month, and he will succeed the existing CO-CEOs Jurgen Fitschen and Jain.
"The appointment of Cryan as Co-CEO follows the decision of Fitschen (66) and Jain (52), Co-CEOs, to step down early from their roles," Deutsche Bank said in a statement.
Jain will step down on June 30 and the Supervisory Board has asked him to remain as a consultant with Deutsche Bank.
The Supervisory Board has asked Fitschen to remain in his current role until the conclusion of the Annual General Meeting on May 19, 2016, to help ensure a smooth transition, it said.
"Their contracts were due to run through to March 31, 2017. Upon Fitschen's departure on May 19, 2016, Cryan will become sole CEO," the bank said.
Deutsche Bank said its Supervisory Board decided at an extraordinary meeting today to appoint Cryan (54) to the position of CO-CEO.
On his stepping down, Jain said: "It has been 20 years since I came to work at Deutsche Bank and it has been an extraordinary time. Over the past three years, I have been afforded the privilege and honour to lead this great institution together with Jurgen."
He further said: "In our time as the bank's leaders, we have boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities."
Most significantly, he said, we have kept the clients happy and the bank's revenues growing while reshaping and strengthening the bank.
"I believe that with Strategy 2020 in place, which puts the bank's future on a strong track, it is right for the bank and for me to have new leadership at this time. I will be forever honoured to have served here and I am convinced that the future of the bank is bright and in very good hands," he added.
Paul Achleitner, Chairman of the Supervisory Board, said: "Over the course of two decades, Anshu has been instrumental in founding, and then growing, many of Deutsche Bank's leading businesses.
"Without his efforts, our bank today would not have achieved or sustained its global leadership. Anshu has earned a place in our bank's history as an executive who helped to transform Deutsche Bank into the global leader."
Cryan has been a member of the bank's Supervisory Board since 2013, and has served as Chairman of the Audit Committee and a member of the Risk Committee. Upon becoming Co-CEO, he will step down from the Supervisory Board.
Cryan was President for Europe at Temasek, the Singaporean investment company, from 2012 to 2014.
Previously, he was CFO of UBS from 2008 to 2011 and worked in corporate finance and client advisory roles at UBS and SG Warburg since 1987, it added.
On the new Co-CEO, Achleitner said: "John is not only a seasoned banker with extensive experience in financial matters but also espouses the professional and personal values required to advance Deutsche Bank and Strategy 2020."
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