Dr. Jürgen Westphal (76) will retire from his office as Chairman at the end of the Annual General Meeting. Mr. Hans Werner Reich, Chairman of the Board of Managing Directors of Kreditanstalt für Wiederaufbau has been nominated as the successor to Dr. Westphal.
Dr. Jürgen Westphal (76), Chairman of the Supervisory Board of Aareal Bank, has announced that he will retire from his office at the close of the bank’s Annual General Meeting on 16 June 2004. Dr. Westphal cited his age as the reason for his retirement. He will, however, continue to advise and support the bank as a Member of the Supervisory Board.
Dr. Westphal has been closely involved with Aareal Bank for more than 18 years. His contribution to the bank with respect to all the major milestones in its history, including the privatisation of its predecessor, Deutsche Pfandbriefanstalt, as well as the split of Aareal Bank AG from DEPFA, has been very significant. Karl-Heinz Glauner, Chairman of the Management Board of Aareal Bank said that the bank owed Dr. Westphal a huge debt of gratitude: “His rich experience and humanity are invaluable assets for Aareal
Bank. We are delighted that we will continue to be able to draw on his advice.”
From 1973 to 1985, Dr. Westphal served as Minister for Economics and Transport in the North German state of Schleswig-Holstein. During this time, he established the Daniela and Jürgen Westphal Foundation, which provides scholarships for highly-talented university students. He also served in numerous offices in the private sector and was active on behalf of social causes, as well as holding further political appointments. Dr. Westphal has been practising as a barrister and solicitor in Hamburg since 1985. In 1999 he was appointed Judge at the Hamburg Constitutional Court.
A new Chairman of the Supervisory Board will be elected during the scheduled Supervisory Board meeting following the Annual General Meeting. Mr. Hans Werner Reich, who has been Chairman of the Board of Managing Directors of Kreditanstalt für Wiederaufbau (“KfW”) since 1999, has been nominated as successor to Dr. Westphal. Born in Wroclaw, Silesia (Poland) in 1941, Mr. Reich joined KfW in 1966, and was appointed to the Board of Managing Directors in 1990. He has been a Member of the Supervisory Board of Aareal Bank AG since June 2002.
Source: Aareal Bank