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KfW CEO to step down for health reasons

KfW said its board of supervisory directors agreed to prematurely terminate the contract of CEO Ulrich Schröder at his own request, effective Dec. 31, for health reasons.

Schröder will also leave the German development bank's executive board Dec. 31.

Until a successor is appointed, Deputy CEO Günther Bräunig will continue to fulfill the tasks of CEO. Schröder's successor will be appointed by KfW's board of supervisory directors after consultation with the federal cabinet, the bank said, adding that it will propose Bräunig for the role.