Aareal Bank AG announced today that its Supervisory Board had unanimously appointed Dr. Wolf Schumacher (46) as new Chief Executive Officer of the bank.
A seasoned expert in the finance and real estate sector, Dr. Wolf Schumacher is currently Spokesman of the Management Board of DG HYP Deutsche Genossenschafts-Hypothekenbank AG as well as Deputy CEO of VR Immobilien AG. His appointment will become effective as soon as the termination of his current position at DG HYP is resolved.
Hans W. Reich, Chairman of the Supervisory Board of Aareal Bank AG, said: “With Dr. Schumacher, an acknowledged expert in banking and real estate takes over the leadership of Aareal Bank. His appointment lays the foundations for promoting further business development, for the benefits of our clients, share holders, employees and partners.“ In addition, the Supervisory Board welcomed Dr. Schumacher’s substantial credibility in the financial markets, which will trust his determination to drive ongoing restructuring efforts, as well as the new strategy and orientation of the bank.
Dr. Schumacher looks back on a long career encompassing various senior-level positions in the property sector. From senior management positions at HVB Hypovereinsbank AG encompassing marketing, strategy and financial controlling, he became a member of the Management Board of HVB Real Estate Bank AG. He later moved to DG HYP Deutsche Genossenschafts-Hypothekenbank AG where he was appointed Spokesman of the Management Board as well as Deputy Chairman of VR Immobilien AG, Frankfurt.
Dr. Schumacher will chair the management team that includes Dr. Ralph Hill (43), Hermann J. Merkens (38) and Christof Schörnig (37).
Source: Aareal Bank
