NEW YORK( TheStreet) -- Deutsche Bank's ( DB) CEO Josef Ackermann will not be renewing his contract in 2013.

Ackermann's last contract was extended to 2013 after the bank did not appoint a suitable successor, according to Focus, a German publication. Ackerman will be 65 in 2013 and plans to retire, he told the magazine, adding that his contract would not be extended.

Reportedly Anshu Jain, the head of Deutsche Bank's investment banking division, may be the top choice for Ackermann's successor, the article states. Axel Weber, president of Germany's central bank, may also be in the running.

--Written by Maria Woehr in New York.

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