© Reuters. German Bundesbank President Jens Weidmann attends the weekly cabinet meeting in Berlin, Germany, September 23, 2020. Kay Nietfeld/Pool via REUTERS
BERLIN (Reuters) – Former Bundesbank chief Jens Weidmann is to be a candidate to become chairman of Commerzbank (ETR:CBKG)’s supervisory board after Helmut Gottschalk decided not to stand for a new term in the role, the German bank said on Saturday.
It said shareholder representatives of the Presiding and Nomination Committee had responded positively to Gottschalk’s recommendation to propose Weidmann for election to the supervisory board at the annual general meeting in May 2023.
“It is also intended that he will subsequently be elected the successor of Helmut Gottschalk as chairman,” the bank said in a statement.
Weidmann, an economist, quit last year as head of the Bundesbank after a decade of fruitless opposition to the European Central Bank’s aggressive stimulus policy of sub-zero interest rates and massive government bond purchases.