Tsilke Martin (Martin Zielke)

Tsilke Martin (Martin Zielke)

Biography

2020: Dismissal from Commerzbank

At the end of June, 2020 the chairman of the board and the chief executive of Commerzbank left the company because of the growing discontent to their strategy.

According to Financial Times, Commerzbank was saved by taxpayers during financial crisis of 2010, but for many years its costs remained are too high, and profit was extremely low. In the first quarter 2020 because of a coronavirus pandemic losses of Commerzbank made 295 million euros. As a result the chief executive officer of Commerzbank Martin Zielke and the chairman of the board of directors of bank Stefan Schmittmann resigned withdrawal letters against the background of pressure from one of investors, Cerberus company.

In June Cerberus began to press on the management of Commerzbank, calling Board of Directors and investors to look narrowly at "significant changes in the supervisory board, board and the strategic plan of the company". Cerberus asked to stop falling which, according to the investor, was caused by the inflated expenditure, low profit and managerial errors. In the letter to Shmitman Cerberus accused heads of Commerzbank of "negligence and arrogance", having added that the current strategy of bank "is wrong and unfair" and also is badly implemented.

I want to open a way for new start, - Tsilke passed an opinion on the resignation, having added that are necessary for bank "deep transformation" and the new chief executive.

He recognized that financial performance of Commerzbank was "unsatisfactory" in recent years and that it as the CEO, bears responsibility for this failure. Shmitman in turn warned that the future changes in Commerzbank will demand many efforts from all interested persons, and urged to refuse excess disputes on leadership.^[1]

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