Josef Ackermann, chief executive of Deutsche Bank, says he will retire when his contract is up at the end of 2010.
Ackermann told German magazine Der Spiegel that he would not extend his contract nor was he planning to join the bank’s advisory board after his departure. He did not disclose plans about his retirement, but he did mention he will not stay in the banking industry.
Last year Ackermann was on trial for charges of illegally generating $80 million in bonuses for board members of the phone company Mannesmann. The case was later dropped when he agreed to pay prosecutors $4.2 million.