Michael Mandel, Board Member for Private Clients, leaves Commerzbank

• . Michael Mandel, Executive Board Member for the Private and Small Business Customers (PSBC) segment, has offered a mutually agreed termination of his contract to the Supervisory Board
• ● At its meeting today, the Supervisory Board of Commerzbank decided to accept his offer. Michael Mandel’s appointment to the Board of Managing Directors will end on 30 September 2020
• ● CEO Martin Zielke: “I would like to thank Michael for a close and trusted cooperation. I know Michael as a colleague who has always fought for the Bank with passion and a great deal of personal commitment. I wish him all the best for his private and professional future.”
• ● The Chairman of the Supervisory Board Hans-Jörg Vetter said: "Michael has shaped Commerzbank’s private customer business. He has had a significant impact on the successful development of the segment and deserves gratitude and respect for it."
• ● Sabine Schmittroth assumes interim responsibility for the Private and Small Business Customers (PSBC) segment from 01 October 2020
• ● Marcus Chromik takes on the temporary responsibility for Compliance

Michael Mandel, Member of the Board of Managing Directors for the Private and Small Business Customers (PSBC) segment, has offered a mutually agreed termination of his contract to the Supervisory Board. At its meeting today, the Supervisory Board of Commerzbank decided to accept his offer. The appointment of Michael Mandel as a member of the Executive Board will end by mutual agreement on September 30, 2020.

Martin Zielke, CEO at Commerzbank, said: "I would like to thank Michael for a close and trusted cooperation. I know Michael as a colleague who has always fought for the Bank with passion and a great deal of personal commitment. I wish him all the best for his private and professional future. Sabine, through her many years of experience in the Private and Small Business Customers segment, brings with her a wealth of experience to take the segment forward in its further development.”

"Michael has shaped Commerzbank’s private customer business. He has had a significant impact on the successful development of the segment in the past few years and deserves gratitude and respect for it." said Hans-Jörg Vetter, Chairman of the Supervisory Board of Commerzbank.

Michael Mandel began his career at Dresdner Bank in 1996. After a position at McKinsey, in 2002 Mr Mandel moved to Commerzbank, initially as Divisional Head for Business Development. From 2005 onwards he held the position of Divisional Board Member for Private and Business Customers. In 2008, Mr Mandel took over as CEO of Comdirect Bank AG in Quickborn. Following his return to Frankfurt as Divisional Board Member for Private Clients in 2010, Mr Mandel made a significant contribution to the successful realignment of the Private Customer Segment. In May 2016, he became a Member of Commerzbank’s Board of Managing Directors responsible for the Private and Small Business Customers (PSBC) segment. This role included the responsibility for the branch network, Comdirect Bank AG, Commerz Real and mBank.

From 1 October Sabine Schmittroth will assume the responsibility for the Private and Small Business Customers (PSBC) segment in the Board of Managing Directors in addition to her role as Board Member responsible for Human Resources.
Marcus Chromik, Chief Risk Officer, will assume the responsibility for Compliance.

Disclaimer
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