Deutsche Bank AG announced Monday that Chief Executive Josef Ackermann agreed to extend his contract by three years, or until the 2013 annual general meeting.
The company's supervisory board decided at a meeting Monday to request the extension of Ackermann's contract. The decision was unanimous, Deutsche Bank said.
The formal ratification of Ackermann's decision will take place at the supervisory board meeting July 28, the company said. Ackermann's previous contract expired with the 2010 general meeting.
The decision reflects the supervisory board's esteem for and appreciation of Ackermann, said Clemens Boersig, the chairman of the supervisory board. "It also secures leadership continuity for the bank," he said. "I am delighted that Dr. Ackermann is prepared to continue to lead the bank through the highly challenging years which lie ahead."
Ackermann has given Deutsche Bank "strong strategic positioning and steered the bank safely through the crisis," Boersig said. "Our performance in the first quarter 2009 is impressive evidence of this."