Andreas Dombret will not seek a new term as an executive board member of Deutsche Bundesbank and will resign May 1, Handelsblatt reported Feb. 20, citing government sources.

A spokesman for the Bundesbank confirmed Dombret's departure and said the central bank regrets his decision but respects his wish to resign, according to Handelsblatt. The 58-year-old central banker is leaving for personal reasons, the newspaper added.

Bundesbank President Jens Weidmann will soon discuss potential replacements with acting Finance Minister Peter Altmaier.