Patrick Tessmann will step down as CEO of Oldenburgische Landesbank AG as of Aug. 31, almost four years after he joined the lender in January 2015.

Tessmann, who spearheaded a strategic restructuring plan and saw the completion of the lender's sale to Bremer Kreditbank AG earlier in 2018, is leaving at his own request, the bank announced Aug. 13. Tessmann said that after the sale to Bremer, it is time for him to look for a new challenge.

The supervisory board will decide on his successor soon, the bank said.