DWS CEO Ashok Vohrman resigns

Managing Director and CEO of the German management company DWS, Ashok Vohramannihas announced his resignation as the top executive of the firm, who will leave next week after the general meeting of the company, which he has appointed as his successor with effect from June 10. Stephen Hoops,

The announcement of the resignation of Wohrmann, the manager’s chief since 2018, comes hours after the DWS offices in Frankfurt were registered in the framework of an investigation for alleged ‘eco-laundering’ (“greenwashing”).

«Stephen Hoops will take over as CEO of DWS after the end of the day of the Annual General Meeting (…) meeting of this year”, the manager reported.

Stephen Hoops will step down from his current role following his appointment as CEO Head of Corporate Banking at Deutsche BankMatrix of DWS.

On its part, Germany’s largest bank has reported a change in its management committee, following the resignation of Ashok Vohrmann as CEO of the DWS Group and the appointment of Stefan Hoops as successor with effect from June 10, 2022.

“Ashoka Wohrmann has been instrumental in the success of our asset management in recent years,” said Karl von Rohr, President of Deutsche Bank and Chairman of the DWS Supervisory Board. Market.

“With Stephen Hoops, we can appoint a proven capital markets expert to lead DWS, who brings the strategic foresight, digitization experience and leadership skills needed for this role,” said von Rohr.

“Asset management is and remains an important part of our business model,” said Christian Sewing, CEO of Deutsche Bank. He expressed confidence that DWS would continue its success story under the leadership of Stephen Hoops.

Similarly, Deutsche Bank has reported that David LynnCurrent Director of Corporate Banking in Asia Pacific and responsible for fixed income and foreign exchange trading in the region, will take charge of the hoops Leading the Corporate Banking business.

As part of the change, Lin will also become a member of the unit’s management committee. On his behalf, Jan-Philippe Gilman, currently Head of Corporate Banking EMEA (excluding the UK and Germany), will take on additional responsibility for business in Germany and global responsibility for client coverage in corporate banking.

This Tuesday, German authorities searched the offices of Deutsche Bank and DWS in the city of Frankfurt in connection with an alleged case of ‘eco-laundering’ that will affect a subsidiary of the largest German bank.

A spokesman for the German bank explained, “The measures of the prosecutor’s office are directed against unidentified persons with respect to allegations of ‘eco-laundering’ against DWS,” adding that DWS has consulted with all relevant regulators and authorities in the matter. We have consistently collaborated with you and will continue to do so.

DWS has faced scrutiny by regulators in the United States and Germany after its former chief sustainability officer, Desiree Fixler, alleged last year that the company overstated its ESG (environmental, social and governance) credentials, something that which he has always done. German manager dismissed.