DWS Replaces CEO Following Police Raid in Greenwashing Probe
Just hours after a police raid on Deutsche Bank AG's asset management subsidiary, DWS Group announced that CEO Asoka Woehrmann had resigned and would be replaced by Stefan Hoops.
According to a statement from DWS, Hoops, the head of Deutsche Bank AG's corporate bank, will take over the post on June 10.
Law enforcement authorities entered the twin towers where Germany's largest lender is housed, as well as the adjoining offices of DWS, on Tuesday morning. The investigation is linked to allegations of greenwashing levelled against the asset management.
The raid was a further setback for Woehrmann, who had already been questioned about his use of personal email for work purposes and the role his friendship with a German businessman played in agreements.
After DWS's former chief sustainability officer, Desiree Fixler, said last year that the company overstated its ESG credentials, the company was investigated by regulators in the United States and Germany. The raid is a high-profile early example of lenders facing legal implications for greenwashing, and it adds to the list of regulatory and legal difficulties for Deutsche Bank Chief Executive Officer Christian Sewing.