Deutsche deputy CEO to depart bank, stay on DWS board

(Reuters) -Deutsche Bank's deputy chief executive Karl von Rohr will not renew his contract as a member of its management board after October 2023, marking the end of a 25-year career at Germany's biggest bank.

"Deutsche Bank will provide an update concerning Karl von Rohr's succession in the Management Board in the near future," Deutsche Bank said in a statement on Tuesday.

The 57-year-old joined Deutsche Bank's management board in 2015 and was its longest standing member alongside chief executive Christian Sewing, serving as deputy CEO alongside Chief Financial Officer James von Moltke.

Von Rohr is also standing down as chairman of Deutsche Bank's fund business DWS, which said in a separate statement that the bank, which is its majority owner, had asked him to stand again for the DWS supervisory board when his five-year term ends in June.

The role of DWS chair is usually held by the Deutsche Bank board member responsible for the business.

Shares in DWS were down 0.39% at 0949 GMT on Wednesday, while Deutsche Bank shares were 0.88% lower.

A search process will begin over the coming months for a new chairman of DWS, which is still facing investigations by the U.S. Securities and Exchange Commission and German financial watchdog BaFin into allegations by its former head of sustainability that it overstated how it used sustainable investing criteria, a practice known as greenwashing.

DWS, whose offices were raided in 2022, denies this and says it is cooperating with authorities. Former DWS CEO Asoka Woehrmann resigned in June last year after the raids.

(Reporting by Tristan Veyet in Gdansk, Alexander Huebner in Munich, Marta Orosz in Frankfurt; Editing by Victoria Waldersee and Alexander Smith)