Deutsche Bank AG is expected to appoint former Merrill Lynch & Co. Inc. CEO John Thain as a member of its supervisory board in May, a "person familiar with the board's plans" told The Wall Street Journal.
Thain, who also had served as CEO of CIT Group Inc., is one of four individuals selected by the German lender's 20-member board to be nominated for election by shareholders at its May 24 annual meeting, according to the source.
Michele Trogni, a former executive at IHS Markit Ltd. and UBS Group AG, and Mayree Clark, a wealth management executive at Morgan Stanley, are the two other nominees. Norbert Winkeljohann, a European executive of PricewaterhouseCoopers LLP, was already announced by Deutsche Bank as a candidate for its supervisory board, according to the Journal.
The board moves come amid reports of Deutsche Bank Chairman Paul Achleitner sounding out potential replacements for CEO John Cryan as investors continue to fret over the bank's ongoing struggles. However, Cryan later told employees that he remains "absolutely committed" to serving the German lender and carrying out its turnaround plans.