Commerzbank chairman hits out at reports of board dissatisfaction with CEO

© Reuters. FILE PHOTO: A sign for an ATM of Commerzbank is seen next to the headquarters of Deutsche Bank (R) in Frankfurt

FRANKFURT (Reuters) – The supervisory board chairman of Commerzbank (DE:) on Thursday dismissed reports of the board’s dissatisfaction with the bank’s chief executive officer.

Chairman Stefan Schmittmann was reacting to reports in recent days that some board members were pushing Commerzbank to end merger talks with Deutsche Bank (DE:) and push CEO Martin Zielke from office.

“Rumors and speculation on personnel changes are made up out of thin air,” the bank’s chairman Stefan Schmittmann said in a statement emailed to Reuters.

“Such allegations are irresponsible and unworthy of discussion,” he said.

Germany’s Manager Magazin was one of the news organisations that reported on a rebellion, writing on Wednesday that the push was coming from board members that represent labour.

Schmittman said that Commerzbank “must explore” the option to merge with Deutsche. “I think that’s right and it’s their duty,” he added.

Deutsche Bank Chief Executive Christian Sewing has told his counterpart at Commerzbank that he wants more time to consider a merger, German newspaper die Welt reported on Wednesday.

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