Talanx Group mourns the passing of Wolf-Dieter Baumgartl, long-serving Chief Executive Officer and Chairman of the Supervisory Board
Wolf-Dieter Baumgartl served as Chairman of the Board of Management of HDI V.a.G. from 1993 to 2006 and Chief Executive Officer of Talanx AG from 2000 to 2006. In 2006 he became Chairman of the Supervisory Boards of HDI V.a.G. and Talanx AG until stepping down in 2018. A fully qualified lawyer, he was also a member of the Supervisory Board of Hannover Rück SE from 1993 onwards, which he chaired until 2009. He had previously served as Chief Executive Officer of AMB Aachener und Münchener Beteiligungs-Aktiengesellschaft until 1993.
As Chief Executive Officer and Chairman of the Supervisory Board, Wolf-Dieter Baumgartl led HDI Versicherungsverein auf Gegenseitigkeit with courage and foresight through its evolution from a mid-sized player into an international insurance group. The expansion of HDI Global SE into a leading industrial insurer, the development of our international retail business by HDI International AG, the acquisition of the Gerling Group in 2006 and the going public of both Talanx AG in 2012 and Hannover Rück SE in 1994 were major milestones. Premium income grew from EUR 3.7 billion to roughly EUR 20 billion by 2006 (2020: EUR 41 billion). The Group moved up the ranking of German insurance groups from number 8 to number 3.
Herbert K. Haas, the current Chairman of the Supervisory Boards of Talanx AG and HDI V.a.G., praised Wolf-Dieter Baumgartl for his prominent role in shaping the German insurance industry. “Long-term, forward-looking action, the courage to take on challenging risks, creativity combined with robust assertiveness, as well as a keen intellect coupled with a very straightforward and human manner – these were the qualities that set him apart. He will be deeply missed.”
The Supervisory Board, Board of Management and all employees of the Talanx Group would like to express their deepest condolences to his wife and family.
Commerzbank’s CEO, Martin Zielke, offers the mutual termination from office and Stefan Schmittmann resigns as Chairman of the Supervisory Board
Commerzbank’s CEO, Martin Zielke, has offered a mutual termination from office to the Supervisory Board
Supervisory Board Chairman, Stefan Schmittmann, today resigned with effect from 3rd of August 2020
Zielke: “I would like to open the way for a fresh start. The bank needs a profound transformation and a new CEO, who will get the necessary time from the markets to implement a strategy.”
Schmittmann: “The Bank, the Board of Directors and the employees will face profound changes. This will take a lot of strength and effort, and should be free from repeated discussions over my role.”
The Presiding and Nomination Committee of the Supervisory Board of Commerzbank has discussed in its meeting today the offer of Martin Zielke to resign early as a Board Member of Commerzbank AG on the basis of a mutual termination of his Board Membership. It also discussed if, in the view of the Supervisory Board, such resignation is in the interest of Commerzbank. The Presiding and Nomination Committee has decided to recommend to the Supervisory Board of Commerzbank to mutually terminate the appointment of Martin Zielke as Board Member and Chairman of the Board of Managing Directors of Commerzbank at a point in time to be agreed between Martin Zielke and the Supervisory Board but the latest by 31 December 2020. The Supervisory Board will decide on this in its meeting on 8th July 2020.
Martin Zielke: “Under my leadership we set the course for a digital future for Commerzbank in 2016. With the take-over of Comdirect, we have laid the ground for developing an innovative and robust business model for the Bank. Even if we made strategic progress, the financial performance of the Bank has been and is unsatisfactory. And as CEO I bear the responsibility for that. As I want to assume this responsibility, I offered the mutual termination of my Board Membership to the Supervisory Board Committee at its meeting today. I would like to open the way for a fresh start. The bank needs a profound transformation and a new CEO, who gets the necessary time from the markets to implement a strategy.”
Stefan Schmittmann has resigned from office at today’s Presiding and Nomination Committee meeting with effect from the 3rd of August 2020.
Stefan Schmittmann: “As Chairman of the Supervisory Board, I fully supported all the strategic decisions of the Executive Board. Commerzbank’s 5.0 strategy has not found sufficient acceptance in the markets. This is reflected in the share price. Therefore I have come to the conclusion that I am responsible too and should take my share of responsibility. This is why I am going to resign. There are profound changes ahead for the Board of Managing Directors, the Bank and its employees. This will take a lot of strength and effort, and should be free from repeated discussions over my role.”