Comdirect bank AG said CEO and management board Chairman Arno Walter resigned and plans to terminate his contract with the bank at the end of 2019.

Walter will join Commerzbank AG as head of wealth management and entrepreneurial clients, effective January 2020, and will be responsible for the integration project of the planned merger of the two German banks.

Frauke Hegemann, who is head of operations and personnel at comdirect, will succeed Walter as CEO, according to the Dec. 17 statement.

Additionally, comdirect announced that its executive board will consist of three members at the start of 2020.