Varengold Bank AG announced that Mr. Sanjay Shah has irrevocably resigned his position as a member of the Supervisory Board of the company with effect from 7 December 2015. On application of the management board, the Local Court Hamburg appointed Dr. Karl-Heinz Lemnitzer as member of the Supervisory Board by resolution on 14 December 2015. The Supervisory Board has also elected among its members Dr. Lemnitzer as Chairman of the Supervisory Board.

His deputy is Michael Stephen Murphy. Dr. Lemnitzer was Partner Audit Financial Services and retained this position even after the acquisition of the Treuverkehr AG by KPMG Germany in 1990. Since 2015 he is retired.