DWS Group, the €692bn asset manager, has announced that chief operating officer Jon Eilbeck and co-head Global Coverage Group Thorsten Michalik are leaving the business, with Mark Cullen becoming chief operating officer and Dirk Goergen becoming head of EMEA Coverage, and both joining the Group’s executive board.
The changes have received regulatory approval and will be implemented by the end of November.
Cullen has worked at Deutsche Bank Group for 26 years, most recently as global head of Group Audit.
Goergen has most recently been head of Sales for Private Clients Germany in the Private and Commercial Bank of Deutsche Bank, responsible for all retail sales activities in the German market.
Asoka Woehrmann, CEO of DWS Group said: “I have worked closely with Mark Cullen and Dirk Goergen for many years. They both are outstanding individuals who bring a diverse set of qualities to their roles and very strong track records of success in their respective areas of expertise. I would like to thank Jon Eilbeck and Thorsten Michalik for their exceptional contributions to both DWS and Deutsche Bank over many years of service and wish them well for the future. With these changes to our Executive Board, we have the right leadership team in place to focus all our efforts on doing our best for our clients, our investors and our colleagues in DWS.”
Karl von Rohr, chairman of the supervisory board of DWS Group, said: “With Mark and Dirk we are adding two excellent and highly skilled senior managers to the DWS executive board. I look forward to working with them, along with the rest of the management team, as we continue to execute on our strategy.”