COMPENSATION
Former Deutsche CEO John Cryan to get €9m severance package
Frankfurt — Former Deutsche Bank CEO John Cryan can expect a payoff of about €9m after he was shunted out of his post, the lender’s internal rules show. When a board member leaves before their contract is up, "the severance payment, as a rule, is two annual compensation amounts", based on pay for the previous financial year and expected pay for the current year, Deutsche’s 2017 annual report says. Cryan took home a salary of €3.4m in 2017, while there has so far been no indication of his pay for 2018. That could give him the right to about €6.8m in severance pay, plus the €1.9m the bank reported in his retirement account. On Tuesday, the Frankfurt institution declined to comment on Cryan’s "golden parachute". He is set to leave the bank at the end of April — well ahead of the end of his contract in May 2020 — after supervisory board chairman Paul Achleitner pushed through a replacement at the weekend. The new CEO will be 47-year-old career Deutsche banker Christian Sewing. Cryan wai...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.