Dr Ulrich Schröder steps down for health reasons

Dr Günther Bräunig proposed as successor

Frankfurt am Main (ots) - The Chair of the KfW Board of Supervisory Directors, Germany's acting Federal Minister Peter Altmaier, and Deputy Chair Brigitte Zypries, acting Federal Minister of Economic Affairs and Energy, provide this statement following the meeting of the KfW Board of Supervisory Directors on 7 December 2017:

Today, the Board of Supervisory Directors agreed to prematurely terminate the contract of KfW's Chief Executive Officer Dr Ulrich Schröder (65) at his own request with effect from 31 December 2017, for health reasons. Dr Schröder was first appointed to KfW's Executive Board as Chief Executive Officer of KfW on 1 September 2008 and has stepped down from his duties as Chief Executive Officer and as Member of the KfW Executive Board with effect from 31 December 2017.

The Chair of KfW's Board of Supervisory Directors, Federal Minister Peter Altmaier, said: "The Board of Supervisory Directors of KfW would like to thank Dr Schröder immensely for his extraordinary achievements in managing and modernising KfW in the past years. During Dr Schröder's term of office, KfW has fulfilled its task as a promotional bank in an outstanding manner. Thus, the bank played an important role in overcoming the financial and economic crisis and is one of the key players in global climate and environmental finance. Under his direction, KfW took the decision to establish its own investment subsidiary to pool and extend its activities in the field of venture capital financing. KfW today also is a role model for the establishment of promotional banks all over the world. The Board of Supervisory Directors wishes Dr Schröder all the best for the future."

Until the final appointment of Dr Schröder's succession, Deputy Chief Executive Officer Dr Günther Bräunig will continue to fulfill the tasks of the Chief Executive Officer. The new Chief Executive Officer will be appointed by the Board of Supervisory Directors of KfW after consultation with the federal cabinet. We propose Dr Bräunig as succeessor to Dr Schröder and are confident that the necessary decisions will be taken soon and responsibly.

Detailed CVs and press photos are available on the KfW website at Executive board of KfW (http://ots.de/zYse2).

Digital press kit: http://www.ots.at/pressemappe/DE41193/aom

Rückfragen & Kontakt:

KfW, Palmengartenstr. 5 - 9, 60325 Frankfurt
Kommunikation (KOM), Dr Michael Helbig,
Tel. +49 (0)69 7431 2277, Fax: +49 (0)69 7431 3266,
E-Mail: Michael.Helbig@kfw.de, Internet: www.kfw.de