Commerzbank CEO Manfred Knof will not extend contract beyond 2025

Commerzbank chief executive Manfred Knof will not extend his contract, which runs until the end of 2025, the bank said on Tuesday.

Knof informed Jens Weidmann, chairman of the supervisory board, shortly after the close of trading.

Knof, 59, has led Commerzbank since 2021, intensifying the German lender's austerity programme and driving forward its restructuring. Thousands of jobs were cut and its network of branches was slashed.

The reorganization also helped the Group achieve a turnaround.

Last year, Deutsche Bank's competitor reported a record profit of around €2.2 billion.

The German government has signalled that it gradually wants to reduce its stake in Commerzank, which was partially nationalized during the global financial crisis around 16 years ago.

Commerzbank received €18.20 billion in capital assistance as a result of the 2008 crisis. Some €13.15 billion has been repaid to date.

The government still holds a 16.5% stake in the bank, which has now been profitable since 2021.