Bettina Orlopp appointed new CEO at Commerzbank

Commerzbank AG, one of Germany’s leading financial institutions, is set to undergo a significant leadership transition as Bettina Orlopp has been appointed as the next CEO, succeeding Manfred Knof, who stepped down at the end of September 2024.

The move signals a pivotal moment for the bank as it continues its journey towards growth, profitability, and customer focus. The Supervisory Board, led by Chairman Jens Weidmann, has orchestrated this change to ensure stability and strategic continuity during a critical phase for the institution.

Bettina Orlopp, currently Commerzbank’s Chief Financial Officer (CFO), will take over as CEO after Manfred Knof’s departure. Orlopp has been with Commerzbank since 2014 and has been a member of the Executive Board since 2017. Her appointment is a reflection of her deep experience within the bank and her central role in shaping the strategy alongside Knof. Orlopp, a former partner at McKinsey & Company, brings a wealth of expertise in finance and strategic transformation, making her an ideal candidate to lead the bank into the future.

Upon taking over as CEO, Orlopp will temporarily hold a dual role, continuing her duties as CFO until a suitable replacement is found.

In her statement regarding her new role, Orlopp expressed gratitude for the trust placed in her by the Supervisory Board:

“I am looking forward to this new challenge, which I take with respect but also with confidence and a fantastic team of Board Members at my side. As a leading bank, especially for the German Mittelstand, we will continue to create substantial value for our shareholders, customers, and employees.”

In addition to Orlopp’s appointment as the first female CEO of a major German bank, Michael Kotzbauer has been named Deputy CEO.

Kotzbauer, who has been with Commerzbank since 1990, currently serves on the Board of Managing Directors, responsible for the Corporate Clients segment.

Together, Orlopp and Kotzbauer were instrumental in crafting the bank’s Strategy until 2027, which emphasizes growth, profitability, customer focus, and collaboration.

Manfred Knof’s Legacy: Steering Commerzbank Back to Success

Manfred Knof’s tenure as CEO, which began in January 2021, came during a challenging period for Commerzbank. The bank was in the midst of restructuring, facing profitability pressures, and grappling with strategic execution issues. Under Knof’s leadership, the bank successfully implemented a turnaround strategy, focusing on cost-cutting, branch closures, and enhancing its digital offerings. These efforts allowed the bank to regain its footing in a highly competitive market and restore investor confidence.

Reflecting on his time as CEO, Knof stated: “The way back into the circle of successful European banks was not easy.

“Thanks to our profitable, customer-centric business model and the great commitment of the entire Team Yellow, we achieved this faster and more convincing than many expected.”

Knof’s decision not to seek a second term as CEO, announced in early September, prompted the Supervisory Board to begin searching for a successor. His exit is part of a broader transition plan to ensure that the bank continues on its current growth trajectory under new leadership.

Chairman of the Supervisory Board Jens Weidmann expressed his gratitude for Knof’s contributions: ” Manfred Knof has made lasting contributions to Commerzbank. Manfred Knof deserves great thanks for his clear focus on a strategy aligned to the needs of customers and the interests of investors, which he has implemented with a special focus on the social responsibility of the Bank and the interests of its employees.”