Deutsche CEO to Retire in 2013: Report

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.

To contact the writer of this article, click here: Maria Woehr.

To follow the writer on Twitter, go to http://twitter.com/newsgirlmw.

To submit a news tip, send an email to: tips@thestreet.com.

More from Stocks

Canopy Growth: First Cannabis Firm on the NYSE Fails to Generate Buzz

Canopy Growth: First Cannabis Firm on the NYSE Fails to Generate Buzz

Video: This Startup Connects Buyers and Sellers of Legal Marijuana

Video: This Startup Connects Buyers and Sellers of Legal Marijuana

Dow, S&P 500 and Nasdaq Tumble After Trump Calls Off North Korea Summit

Dow, S&P 500 and Nasdaq Tumble After Trump Calls Off North Korea Summit

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

PayPal Wants to Consolidate the World of Rewards Points

PayPal Wants to Consolidate the World of Rewards Points