Deutsche Bank chief departs
Deutsche Bank has announced that Chum Darvall will step down as chief executive officer (CEO) for Australia and New Zealand from 1 March, 2011, to be replaced by executive chairman John Macfarlane.
Darvall spent eight years in his current position and 16 years with the bank, and will move to the non-executive role of vice chairman in the second half of 2011.
As his replacement, John Macfarlane will expand his responsibilities and take on the role of chief country officer for Australia.
“Macfarlane will continue to focus on client relationships and business transactions in his expanded role, as well as taking responsibility for the stewardship of the bank’s governance structure,” the bank said.
Macfarlane joined Deutsche Bank in 1999, following the bank’s acquisition of Bankers Trust, where he was CEO for New Zealand.
He also worked as Deutsche Bank CEO in Japan until 2006, before taking up his current position.
Darvall will take long service leave and will return as vice chairman for Australia and New Zealand in the second half of 2011.
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