CEO Manfred Knof's planned slow departure from the top of Commerzbank has not worked out. Since he announced his departure at the end of 2025 just a few weeks ago, the events surrounding Germany's second-largest private sector bank have come thick and fast.

Italian bank Unicredit has now built up a 21% stake in the bank, including via financial instruments. The Italians have been interested for some time, and CEO Andrea Orcel has made no secret of his desire for a takeover. And Markus Chromik, who was for many years Commerzbank's Chief Risk Officer, joined the Unicredit board in April – just three months after leaving his old employer.

The explosive situation put Commerzbank's Supervisory Board under pressure to act. Institutional investors demanded a quick clarification of the Knof succession. The Supervisory Board has now complied with this. Bettina Orlopp (54) has been appointed CEO, and successor to Manfred Knof (59), who will depart on 30 September.

The federal government, which had sold an initial package of 4.5% to Unicredit, has decided not to sell any more Commerzbank shares until further notice. The German government also rejects Unicredit's takeover attempt. Chancellor Olaf Scholz (SPD) has spoken of an „unfriendly attack“. However, Finance Minister Christian Lindner also made it clear that Commerzbank's Supervisory Board and Board of Managing Directors must themselves organise a defence against the takeover attempt. He rejects any interference by the German government.

The bank's press release states that since Knof informed Jens Weidmann, Chairman of the Supervisory Board, of his decision against a second term of office at the beginning of September, the Presiding and Nomination Committee of the Supervisory Board has been involved in an organised internal and external search for a candidate. Ultimately, this solution was recommended to the full Supervisory Board, which unanimously approved it.

Michael Kotzbauer (56), Member of the Management Board responsible for Corporate Clients, has also been appointed Deputy Chairman of the Management Board. Both Orlopp and Kotzbauer will receive a five-year contract when they take up their posts. It is not yet clear who will succeed Orlopp as CFO. The Supervisory Board has initiated a selection process in this regard. For a transitional period after the handover, Orlopp will initially fulfil a dual CEO/CFO role.

Especially in the current phase, a clear delineation of responsibilities are crucial, commented Supervisory Board Chairman Weidmann, explaining the rapid change. Bettina Orlopp is viewed as the ideal successor She and Kotzbauer were the co-architects of the strategy set out running until 2027. Weidmann thanked, Manfred Knof, saying that without his assertiveness and strategic vision the bank would not be as successful as it is today.

Orlopp said in a statement that as a leading bank, not only for German SMEs, Commerzbank will continue to do everything it can to create value for its shareholders, customers and employees in the future.

Orlopp is a mother of two, and has a Doctorate in Business Administration. She spent the first 19 years of her career at McKinsey, but has now been with Commerzbank for a decade, including almost seven years as a member of the Board of Managing Directors. Kotzbauer, who has been a member of the Board of Managing Directors since the beginning of 2021, has spent his entire career at Commerzbank, starting with a banking apprenticeship in 1990.