Commerzbank's chief executive and chairman were under pressure from activist investors to axe jobs, but they decided to go first after a damaging clash with unions last week, sources close to the situation told Reuters.
) chief executive and chairman were under pressure from activist investors to axe jobs, but they decided to go first after a damaging clash with unions last week, sources close to the situation told Reuters.
Although precipitated by a public campaign for change by U.S. activist investor Cerberus, one of its top shareholders, the sudden resignations of both CEO Martin Zielke and chairman Stefan Schmittmann came as a shock. Union officials, irate that Commerzbank’s management refused to provide them with documentation to prepare in advance of a supervisory board meeting, cried foul and got it called off.
One of Commerzbank’s top shareholders believes Zielke and Schmittmann had a bad track record working with staff, and that this must change, a person with direct knowledge of the investor’s thinking said.A person close to Zielke and Schmittmann said that they did their best to work with labour, but 40 different works councils at Commerzbank, each with competing interests, complicated this.
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