Deutsche Bank Announces Management Reshuffle
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Deutsche Bank announced plans to reshuffle its management in order to meet its profit target for next year.
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Putnam Investments on Friday promoted a veteran bond manager to head its investments groups, marking the latest personnel changes as the mutual fund company works to improve performance at many of its funds.
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A management reshuffle is announced just weeks before CEO's insider stock trading case begins in Taiwan.
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The Federal Reserve Bank of Dallas has named a former fund manager and federal trade official under President Clinton as its new president.
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With a major trading-fraud case finally settled yesterday, the Boston-based mutual fund operations of Bank of America are at work on a major restructuring over the coming months that will result in a smaller, more coherent lineup of funds, officials said.
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Deutsche Bank said Ulrich Cartellieri, a key member of its supervisory board and an opponent of chief executive Josef Ackermann, told the board he intends to step down &quot;due to differences of opinion on the bank's strategy&quot;.
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Alcatel-Lucent&#39;s head of enterprise systems, Hubert de Pesquidoux, will take on the role of chief financial officer as part of a management shake-up intended to streamline decision-making. The company has suffered from lackluster performance since its formation from the&#160;merger of Alcatel and Lucent Technologies&#160;last December.CEO Patricia Russo announced the changes Wednesday, at the same time&#160;outlining a three-point plan for restoring the company to profitability. The company also reported a third-quarter loss of &#8364;345 million ($492 million) on revenue of &#8364;4.35 billion.Russo will in future be advised by panel of seven senior executives, down from 11 before. Just two of them are former Lucent employees: Cindy Christy, who will add Central and Latin America to her existing responsibility for North American sales, and John Meyer, head of services, a role he held at Lucent.The merging of North America with Central and Latin America in Alcatel-Lucent&#39;s sales structure is part of a broader move to simplify the way the company sees the world, splitting it into just two regions: the Americas, and the rest.Former CFO Jean-Pascal Beaufret is &quot;leaving the company to pursue other opportunities,&quot; but will remain for a short period as he hands over to de Pesquidoux. It wasn&#39;t immediately clear if de Pesquidoux would also remain head of the enterprise systems group or if Alcatel Lucent would seek someone else.De Pesquidoux, a former merchant banker, is also part of the new management team. He used to run Alcatel&#39;s North American operations before taking over the merged company&#39;s enterprise systems division. Although enterprise systems is the smallest of the company&#39;s business units, contributing just &#8364;380 million of its &#8364;4.35 billion revenue last quarter, it is the best performing, with an operating profit margin of 7.6 percent.The remaining members of the management team are Chief Technology Officer Etienne Fouques, head of human resources and communications Claire Pedini, carrier business group head Michel Rahier, and Frederic Rose, who heads up the company&#39;s business in Europe, the Middle East, Africa, and Asia Pacific.Rahier will oversee one of the biggest changes in the company&#39;s product structure, as it eliminates the layer of management that divided the carrier business group into separate wireless, wireline and convergence teams.Other changes ahead for the company include a tighter focus on products to help carriers transform their networks to an all-IP (Internet Protocol) infrastructure, a move from products to value-added services, and a more streamlined organization with fewer staff in support functions to eliminate post-merger duplication.Pedini&#39;s role in human resources is particularly significant as the company prepares to shed a further 4,000 jobs by 2009, having already cut 3,800 in the first half of this year. Her approach is likely to focus on the numbers -- the company hopes the job cuts will save it a further &#8364;400 million -- rather than the people, as she worked for four years as Alcatel&#39;s deputy CFO, only taking on the role of vice president of human resources and communications in January 2006.This article was updated with new information on October 31, 2007.
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Dodgers general manager Paul DePodesta restructured his baseball operations department with two new hires and a promotion on Tuesday.
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In a move Citigroup Inc. said was aimed at broadening the experience of up-and-coming executives, two of its top managers are swapping jobs.
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A new CEO, chairman, head office and corporate structure -- much has changed at the London Stock Exchange since Deutsche Boerse last proposed marriage to Europe&#39;s biggest equity market four years ago.
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LONDON-DekaBank Deutsche Girozentale, Germany s public sector bank and one of the country s biggest real estate fund managers, has filed a complaint with prosecutors claiming that a former managing director of ...
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Two senior executives will leave Dell Inc. in an expanding shake-up in the U.S. computer maker's top management ranks, a published report said Tuesday.
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With a new management team in place, the computer maker could be preparing to make changes to some of its core ideals.
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The Wall Street Journal will announce a major newsroom shake-up, including the reassignment and replacement of several top editors, officials there say.
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NEW YORK -(Dow Jones)- JPMorgan Chase &amp; Co. &#39;s (JPM) chief financial officer, Dina Dublon, will resign at the end of the year and be replaced by Michael Cavanagh , currently head of middle market banking.
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The settlement by Deutsche Bank is a major shift in how it is dealing with the legal woes surrounding its tax shelter work.
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Commerzbank, Germany's fourth-biggest bank, said that the head of its investment banking division, Mehmet Dalman, has quit.