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COMMERZBANK AG

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Commerzbank : Ex-Commerzbank board member Kloesges to take over at Aareal Bank

06/15/2021 | 06:17am EDT

BERLIN, June 15 (Reuters) - Former Commerzbank board member Jochen Kloesges is to take over as Chief Executive of Aareal Bank AG, the property finance firm said on Tuesday, after months of searching for a new boss.

The 56-year-old is expected to take office on Sept. 15, said Aareal Bank after its supervisory board agreed on the appointment. Aareal is under pressure from an activist investor over its strategy.

Former Aareal CEO Hermann Merkens left last autumn for health reasons. The bank also announced that board member Thomas Ortmanns would leave the bank at his own request on 30 September.

Kloesges left Commerzbank in 2013.

(Reporting by Patricia Uhlig Writing by Madeline Chambers Editing by Riham Alkousaa)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AAREAL BANK AG -0.09% 21.28 Delayed Quote.8.85%
COMMERZBANK AG -0.18% 5.44 Delayed Quote.3.30%
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Financials
Sales 2021 8 386 M 9 952 M 9 952 M
Net income 2021 -354 M -420 M -420 M
Net Debt 2021 - - -
P/E ratio 2021 -18,5x
Yield 2021 0,16%
Capitalization 6 813 M 8 082 M 8 085 M
Capi. / Sales 2021 0,81x
Capi. / Sales 2022 0,82x
Nbr of Employees 38 823
Free-Float 84,4%
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Mean consensus HOLD
Number of Analysts 22
Last Close Price 5,44 €
Average target price 6,10 €
Spread / Average Target 12,2%
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Managers and Directors
Manfred Knof Chief Executive Officer
Bettina Orlopp Deputy Chairman-Supervisory Board & CFO
Helmut Gottschalk Chairman-Supervisory Board
Dennis Bartel Head-Human Resources & Technology
Bernd Reh Head-Research & Press Contact
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