BayernLB announces leadership change

by Richard Kilner

Story link: BayernLB announces leadership change

German bank BayernLB has announced that Dr. Michael Kemmer, chairman of the Board of Management, has had a request to the Board of Administration to leave the bank accepted.

Dr. Kemmer first took up the role on 1 March 2008, and has said that he had thought for a long time about leaving the bank.

The Board of Administration has indicated their regret at Dr. Kemmer’s departure, and he will be replaced by Stefan Ermisch from today.

Ermisch has had a seat on the Board of Management since mid-2008 and presently serves both as chief financial officer and chief operating officer.

He has also been deputy chairman of the Board of Management since July of this year.

Earlier in his career Ermisch worked for WestLB and HVB Group, and has also worked for Bank Austria AG as chief financial officer.

Bavarian State Finance Minister Georg Fahrenschon, chairman of the Board of Administration, has thanked Dr. Kemmer for his hard work during a difficult period for the bank and wished him all the best for the future.