Home Business NewsBusiness DWS chief executive quits after asset manager’s offices raided over greenwashing

DWS chief executive quits after asset manager’s offices raided over greenwashing

by LLB Reporter
1st Jun 22 11:19 am

Germany’s top asset management firm DWS Group is in deep crisis after its CEO resigned today following the company’s offices in Frankfurt were raided by police over allegations of greenwashing.

DWS has announced today that Asoka Wöhrmann, chief executive since late 2018, would step down as of June 10, the day after the group’s annual shareholders’ meeting.

He will be replaced by Stefan Hoops, previously head of the corporate bank at Deutsche Bank.

In a statement released by DWS, Wöhrmann said he was leaving “to clear the way for a fresh start”, as “allegations made against DWS and myself in past months have become a burden for the company, as well as for my family”.

He said: “I have always dedicated my entire energy to the benefit of DWS; most notably since returning as CEO in October 2018.

“Today, after the three most successful years in its history, DWS is significantly more profitable, is stable and has continued to perform well in a difficult market environment.

“At the same time, the allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me. In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.”

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