DWS boss Wöhrmann resigns hours after raid on offices

The CEO of DB Deutsche Bank AG,
-0.62%

DBK,
-2.55%
Wealth management subsidiary DWS Group will resign hours after a raid by German authorities on its Frankfurt offices, the German lender announced on Wednesday.

Chief Executive Asoka Woehrmann said he would step down “in agreement with the company” and be replaced by Stefan Hoops after DWS’ June 9 shareholders’ meeting, effective June 10, Deutsche Bank said.

Mr. Hoops will also assume responsibility for group level asset management at the German lender.

On Tuesday, Deutsche Bank and DWS were raided by law enforcement agencies over allegations of greenwashing at DWS.

“We have continuously worked with all relevant regulators and authorities on this matter and will continue to do so,” a DWS spokesman said at the time.

Mr. Hoops was previously responsible for the German lender’s corporate bank, a role being taken over by David Lynne, the current head of corporate banking in Asia-Pacific, the bank added.

Write to Ed Frankl at edward.frankl@dowjones.com

https://www.marketwatch.com/story/dws-ceo-woehrmann-resigns-hours-after-raid-on-offices-271654061125?rss=1&siteid=rss DWS boss Wöhrmann resigns hours after raid on offices

Brian Lowry

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