The supervisory board of Aareal Bank has unanimously appointed Jochen Klösges, aged 56, as new CEO of the German bank.
A former management board member of Commerzbank and Eurohypo, Klösges is expected to assume office on 15 September. He succeeds Hermann J. Merkens, who resigned from his duties for medical reasons as at 30 April.
The appointment of Klösges is still subject to approval of the supervisory authority (ECB). Management Board members Marc Hess and Thomas Ortmanns will continue to perform the CEO's duties until Klösges assumes office.
Klösges currently serves as CEO of ER Capital Holding, where he has been responsible for a broad range of business activities in the property, renewable energies, asset management, private equity and shipping areas over recent years.
From 2009 until 2013 he was a member of the management board of Commerzbank, where he held responsibility, among others, for the commercial property financing, asset management & leasing, ship finance and public-sector financing business segments which he restructured successfully.
From 2007 until 2009, Jochen Klösges also held the position of head of strategy at Commerzbank. Prior to this, he worked at Eurohypo for five years, starting out as head of risk management, before assuming the role of management board member in 2004. Later, he led the supervisory board of the property financer for Commerzbank.
Marija Korsch, chairman of the supervisory board of Aareal Bank, said: 'We are delighted that we were able to win Jochen Klösges as chairman of the management board.
'He has a wide range of experience in all key areas of the property financing and banking business, especially in property financing, also showing entrepreneurial spirit, client orientation and strategic thinking.
'The supervisory board is convinced that, under his leadership, the bank will continue its successful path in the future and that it will be able to provide the right strategic answers in times of fundamental change.'
Said Klösges: 'Aareal Bank is one of the leading international institutions in its market segment that enjoys excellent reputation among its clients.
'The fact that it has the innovative, high-growth software company Aareon in its portfolio is an aspect which other institutions rightfully envy. I am very much looking forward to further expediting profitable growth in all segments of Aareal Bank Group, together with the management team.'
In view of the now foreseeable end of the substituting phase for the CEO, Thomas Ortmanns will, at his own request, retire from the management board early with effect from 30 September 2021, in accordance with his personal plans for the future, Aareal said. Jochen Klösges will take over Ortmanns' functions for the time being, until the bank decides on the future structure and size of the board.
