German mortgage lender DZ Hyp AG said Carsten Düerkop will retire from the lender's management board, effective March 31, 2020.

Düerkop will become chairman of the management board of VR-Bank Westmünsterland eG, effective April 1, 2020, replacing Wolfgang Baecker.

Jörg Hermes, senior general manager of DZ Hyp, will succeed Düerkop at the bank.

DZ Bank AG is the ultimate parent of DZ Hyp.