Comdirect bank : to downsize Board of Managing Directors at the beginning of the second quarter

Quickborn, 30.03.2020

• From 1 April 2020 onwards, the comdirect Board of Managing Directors will consist of Frauke Hegemann, CEO, and Matthias Hach, CMO
• Dietmar von Blücher resigned from his position as CFO/CIO and will leave the company as of the end of 31 March 2020
• Thore Ludwig will support the Board of Managing Directors as Chief Representative

comdirect is downsizing its Board of Managing Directors with effect from the end of the first quarter of 2020. In future, comdirect bank AG will be managed by Frauke Hegemann, CEO, and Matthias Hach, CMO. Dietmar von Blücher, CFO/CIO, is leaving the company at his own request. Taking into account the planned merger with Commerzbank AG, the appointment of a new member of the Board of Managing Directors is not being considered. A Chief Representative will provide the management with operational support.

Dietmar von Blücher is leaving the company
Dietmar von Blücher, 47, member of the Board of Managing Directors, will leave the company at his own request at the end of the first quarter to pursue new professional challenges. The Supervisory Board complied with his request for early departure which means Dietmar von Blücher will stand down from his position on the Board of Managing Directors as of the end of31 March 2020.

Dietmar von Blücher has been Chief Financial Officer and Chief Information Officer of comdirect bank AG since 2016. In addition to Finance, Controlling & Investor Relations, Information Technology and Risk Management & Compliance, he has also been responsible for Legal, Data Protection & Organisation since the beginning of the year. Additionally, he has overseen the onvista bank division's back office activities since the acquisition of onvista bank AG in 2017. Furthermore, he is a Member of the Supervisory Board of the onvista media GmbH as well as a Member of the Management Board of the comdirect Versicherungsmakler AG.

'In the past few years, Dietmar von Blücher has contributed to the continuous development of the bank. In addition to M&A transactions such as the acquisition of onvista bank AG and the sale of ebase GmbH, he placed particular emphasis on strengthening process automation. This made a considerable contribution to expanding the scalability of comdirect,' says Dr Jochen Sutor, Chairman of the Supervisory Board of comdirect bank AG. He adds: 'We thank him for his commitment. We are sorry to see him go and wish him all the best in his career.'

Thore Ludwig Chief Representative starting on 1 April 2020
From 1 April 2020 onwards, Thore Ludwig, 50, will assume responsibility for the areas formerly overseen by Dietmar von Blücher with the exception of Risk Management & Compliance which will be directly overseen by Frauke Hegemann. He will function as Chief Representative until the time of the merger. The business graduate has been active in various positions at comdirect for many years; he led Investor Relations for a number of years and was most recently Head of Treasury & Business Partners. 'We are delighted to have Thore Ludwig, a very experienced comdirect colleague, on board to support us in the coming months,' says Frauke Hegemann. As Chief Representative, Thore Ludwig will report directly to Frauke Hegemann.