Deutsche Pfandbriefbank’s supervisory board has appointed Deutsche Bank executive Kay Wolf as its new chief executive, replacing Andreas Arndt.
Arndt is stepping down from his role at the Germany-based real estate lender as planned after 10 years as a member of the board, eight of which as CEO.
Wolf will become a member of the board on 1 February next year and will take over as Arndt’s successor following a short handover period.
Wolf is joining Pbb from Deutsche Bank, where he is chief risk officer for the private bank division. His career began in 1997 as a trainee at Deutsche Bank, where he held various roles in the credit business, including experience in London.
From 2006 to 2010, he worked at one of Pbb’s preceding companies, latterly as chief information officer. He also held a number of positions at Postbank, including chief credit officer.
Louis Hagen, chairman of the supervisory board at Pbb, said: “With Kay Wolf, we are very pleased to have found an internationally experienced manager with extensive knowledge of the credit business, proven IT and digital expertise and significant experience with strategic projects. He is the ideal candidate to make the bank even more profitable, more digital and more sustainable.
“Andreas Arndt is handing over a healthy bank which is demonstrating the strengths of its business model in the currently difficult market environment.
“Following the financial crisis, together with his executive team, Andreas Arndt returned the bank to the market and, with a calm hand, has since maintained a stable course for Pbb and has also extended Pbb’s market position internationally.”
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