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PHOTO FILE: Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank, at the Bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS / Kai Pfaffenbach / File Photo
FRANKFURT (Reuters) – Riebeck-Brauerei, an investor at Deutsche Bank, is considering tabling a motion calling for a vote on the ouster of the chairman of the lender, Paul Achleitner, at this year's annual general meeting , announced Thursday the shareholder 's lawyer.
Jan Bayer, the investor's attorney, said the reason for ousting Achleitner was his "dismal performance" and his pursuit of a "destructive merger" with Commerzbank.
Bayer said he was considering filing the petition for his client next week.
Deutsche Bank, which is scheduled to hold its Annual General Meeting on May 23, declined to comment.
Last year, the investor filed a similar petition, urging the bank to issue a statement supporting Achleitner for his "comprehensive personal and professional skills and integrity".
Last year, the small shareholder faction led by Riebeck-Brauerei failed to overthrow Achleitner, garnering 9.05% of the vote, but it was still a blow to Achleitner.
The disaffection for Achleitner comes at a critical moment for Germany's largest lender. The bank said it is in talks to merge with Commerzbank on March 17.
Tom Sims report; Edited by Edward Taylor
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