Commerzbank named Bettina Orlopp as its new Chief Executive Officer on 24 September 2024, effective 1 October. She is the first woman to hold the top executive role in the Frankfurt-based bank's history. Orlopp had been serving as Chief Financial Officer since March 2020 and joined Commerzbank in 2017.
The announcement came after Italian banking group UniCredit had built up a stake in the German institution in the preceding weeks.
BACKGROUND
Orlopp joined Commerzbank in 2017 and held senior positions at the bank before becoming CFO in March 2020.
UNICREDIT STAKE AND HANDOVER
The German government, which retains a stake in Commerzbank, had made clear its concerns about UniCredit's moves.
Orlopp took over from Manfred Knof on 1 October 2024. The new CEO did not make detailed public statements about the UniCredit situation at the time of the appointment announcement.