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Sweden's Investor names Deutsche's Ackermann to board
March 14, 2012 / 12:21 PM / in 6 years

Sweden's Investor names Deutsche's Ackermann to board

STOCKHOLM, March 14 (Reuters) - Sweden’s premier family-run investment company Investor named outgoing Deutsche Bank AG Chief Executive Josef Ackermann to its board, clinching the services of one of the highest-profile banking executives in Europe as it boosts its global presence.

Ackermann is due to retire in May after more than 10 years at Deutsche Bank’s helm. From June, he will take a seat on the board of the Wallenberg-controlled holding company, which owns sizable chunks of blue chip firms such as Atlas Copco , SEB, Ericsson and Electrolux .

He has also been proposed as chairman of Swiss-based insurer Zurich Financial.

A 64-year old Swiss, Ackermann was the first non-German to head up Germany’s flagship lender and is credited with transforming the bank into a “global champion” with a market value of 33 billion euros ($43.3 billion) and more than 102,000 employees.

Yet his time at Deutsche ended on a weak note in February when the bank posted a surprise quarterly loss and after he failed to install Bundesbank executive Axel Weber as his successor. His focus on shareholder value also led to frequent clashes with politicians who felt it clashed with Germany’s “social market economy.”

Most notably he landed in court for agreeing to award a Wall Street-sized 57 million euros worth of bonuses to executives of Mannesmann.

“We have long built up a strong relationship with Dr Josef Ackermann, who we know is a leader with deep experience working on boards and developing companies,” said Jacob Wallenberg, chairman of the board at Investor, in a statement.

“He has furthermore an extensive international network and a good reputation which we believe will be a big asset for Investor.”

Investor, which has interests in Europe, the United States and Asia, said he will also assume an advisory position at Swedish private equity firm EQT later this year. Investor has a 31 percent stake in EQT. ($1 = 0.7628 euros) (Reporting by Sven Nordenstam and Mia Shanley; Additional reporting by Edward Taylor in Frankfurt; Editing by David Holmes)

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