Klemens Breuer to leave Managing Board of WestLB AG by mutual agreement and at his own request
Werner Taiber to assume Capital Markets duties in addition to existing areas of responsibility
Klemens Breuer, the member of the Managing Board of WestLB AG with responsibility for the Capital Markets business, is to leave the Bank by mutual agreement and at his own request. The Supervisory Board and Klemens Breuer have agreed that his contract will expire on January 30, 2012. Werner Taiber, the Managing Board member with divisional responsibility for Corporates & Structured Finance, will assume the Capital Markets duties of Klemens Breuer in addition to his existing areas of responsibility.
Michael Breuer, Chairman of the Supervisory Board, said: “In his capacity as the member of the Managing Board responsible for the capital markets business, Klemens Breuer demonstrated considerable competence and prudence over the past years in securing the liquidity and funding requirements of the WestLB Group in demanding market conditions. We deeply regret his departure and take this opportunity to thank him for his strong personal commitment and outstanding achievements in a challenging period for the Bank. His international profile with clients, investors and employees was instrumental in guiding the organisation through the crisis and ensuring stability. We wish him all the very best in his future professional career.
With the appointment of Werner Taiber as the Managing Board member responsible for the Capital Markets division, WestLB remains excellently positioned in the capital markets field. Werner Taiber has first-class knowledge of international financing and capital market issues.”