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Topic: Josef Ackermann

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	Encyclopedia: Josef Ackermann (Site not responding. Last check: 2007-11-04)
		Ackermann is a graduate of the University of St. Gallen (HSG).
		Josef Ackermann, the chief executive of Deutsche Bank, is appearing before a Düsseldorf court on charges of committing a breach of trust.
		Ackermann is on trial for allegedly not acting in the best interests of shareholders at Mannesmann, the Düsseldorf telecom and engineering group where he served as a supervisory board member because Deutsche was a big shareholder.
	www.nationmaster.com /encyclopedia/Josef-Ackermann (368 words)

	Deutsche Bank Boss Could Be Back in the Dock \| Business \| Deutsche Welle \| 20.12.2005
		Deutsche Bank chief Josef Ackermann could find his future hanging in the balance this week if Germany's highest court decides to re-open the long-running Mannesmann case in which the highly unpopular Swiss banker is one of the main defendants.
		Ackermann has long been under fire for brutally slashing thousands of jobs at a time when Deutsche Bank was turning in record profits and he himself was the highest paid chief executive in the country.
		Deutsche Bank chief Josef Ackermann is to step down as head of Germany's biggest bank in two years at the latest, but possibly earlier if he must face court again in the so-called Mannesmann affair, the daily Frankfurter Allgemeine Zeitung reported on Thursday.
	www.dw-world.de /dw/article/0,2144,1829716,00.html (634 words)

	Yes, He's Swiss, but Not Neutral - New York Times
		Ackermann said in an interview here this week, reflecting on a turbulent year in which he has been lambasted for everything from his paycheck ($12 million in 2004) to his plans to lay off 6,400 employees at a time of rising joblessness.
		Ackermann knows he is likely to remain a target for criticism of Anglo-American-style capitalism, he believes that there is growing support here for his drive to transform Deutsche Bank from a hidebound German institution into a globally competitive financial player.
		Ackermann is not backing a party in the election; as a Swiss citizen, he notes, he is ineligible to vote.
	www.nytimes.com /2005/08/26/business/worldbusiness/26banker.html?ex=1282708800&en=c3f0db1ea58bd1f6&ei=5090&partner=rssuserland&emc=rss (894 words)

	Ackermann to Face Charges in "Mannesmann Affair" \| Business \| Deutsche Welle \| 19.09.2003
		A court has handed down a ruling calling for Josef Ackermann, the chief of Deutsche Bank to be tried on charges of dishonest behavior relating to Vodaphone's 2000 takeover of Mannesmann.
		Ackermann and five others were charged in February with fraud relating to the 2000 takeover of the German mobile phone giant Mannesmann by its British rival Vodafone.
		Ackermann and five others, including former IG Metall Chief Klaus Zwickel, are said to have approved the payments as members of the compensation committee of Mannesmann's supervisory board.
	www.dw-world.de /dw/article/0,1564,975126,00.html (497 words)

	Deutsche Bank Denies Reports That Its Chief Will Quit if Faced With New Fraud Trial - New York Times
		Deutsche Bank on Thursday denied rumors that Josef Ackermann, its Swiss-born chief executive, would resign if faced with a new trial on charges that he defrauded shareholders of the telecommunications giant Mannesmann in the wake of a takeover battle with Vodafone of Britain.
		Ackermann and the five other defendants had broken German corporate law, the violations were not grave enough to constitute a criminal betrayal of shareholder interests.
		Ackermann was on track to achieve his target of a 25 percent pretax profit margin in 2005.
	www.nytimes.com /2005/05/20/business/worldbusiness/20bank.html?ex=1274241600&en=e270313f64a75109&ei=5088&partner=rssnyt&emc=rss (939 words)

	Bloomberg.com: Europe (Site not responding. Last check: 2007-11-04)
		Ackermann is being charged under paragraph 266 of Germany's criminal law with ``breach of trust,'' a vaguely worded statute dating from 1871 that bans those supervising the financial assets of others from abusing their power.
		Ackermann says he's done nothing illegal, and he argues that the bonuses were rewards for the executives' success at adding 77 billion euros of value to Mannesmann by holding out for a higher offer from Vodafone.
		Ackermann told Funk he had no objections, since it had been under Funk's tenure as Mannesmann CEO from 1994 to 1999 that the company laid the groundwork for its expansion in telecommunications, Ackermann said in his statement.
	quote.bloomberg.com /apps/news?pid=10000085&sid=awHFlh0oCWOQ&refer=europe (4903 words)

	ABC 7 News - Top German Banker Faces Retrial in Case (Site not responding. Last check: 2007-11-04)
		Ackermann himself underlined his intention to stay at the helm, saying he felt bolstered by "enormous support" from employees, clients and shareholders, spokesman Ronald Weichert said.
		Ackermann and three others were on Mannesmann's board at the time; the two other defendants were Mannesmann executives.
		Ackermann's attorneys say the payment to Esser was a legitimate reward for increasing the values of the company's shares leading up to the takeover.
	www.wjla.com /news/stories/1205/287747.html (813 words)

	Deutsche Bank's Mr. Harmony? (int'l edition)
		When Josef Ackermann lost a power struggle at Credit Suisse Group in 1996 and stepped down as chief executive, an old colleague offered him a tempting consolation prize: a post on the faculty of the St. Gallen Graduate School of Economics, the prestigious Swiss business school.
		Ackermann is very much identified in the banking world with the war that has been going on for years between Deutsche's aggressive investment bankers, based in London and led by U.S.-born Edson Mitchell, and the traditionalists who don't want to see the shriveling of Deutsche's less profitable retail and corporate banking arms.
		Ackermann recognizes, of course, that investment banking is where the profits are and that Deutshe's aspirations to be a global player have been frustrated.
	www.businessweek.com /@@A3Sk1mYQBHB9WwYA/2000/00_41/b3702258.htm (932 words)

	swissinfo swiss information business culture news informations of switzerland: Front - Story Detail (Site not responding. Last check: 2007-11-04)
		Josef Ackermann had stood accused of acting illegally in approving payments made during Vodafone’s 2000 buyout of Mannesmann.
		Ackermann and the five other defendants, including former Mannesmann boss Klaus Esser, successfully denied charges of breach of trust in approving 57 million (SFr87 million) in bonuses and retirement packages to executives when Mannesmann was taken over by Vodafone four years ago.
		Had the trial gone against him, Ackermann would have faced a fine or prison sentence and would almost certainly have had to step down from the board of Germany’s largest bank.
	www.swissinfo.org /sen/swissinfo.html?siteSect=105&sid=5099072 (541 words)

	Deutsche Bank's CEO Josef Ackermann's Criminal Trial (Site not responding. Last check: 2007-11-04)
		Ackermann's defence argues that there was nothing illegal about the payments and that they were consistent with international business practices and with the result - Mannesmann shares jumped 136 percent after the takeover.
		Deutsche Bank's chief executive Josef Ackermann and five other giants of corporate Germany went on trial yesterday accused of illegally approving huge bonus payments when the telecommunications company Mannesmann was bought by Vodafone in a hostile takeover four years ago.
		Ackermann's legal problems stem from February, 2000, when Mannesmann agreed to be acquired by Britain's Vodafone Group (VOD) after a long and bitter battle -- but not before the supervisory board approved multimillion-dollar "appreciation awards" for then-CEO Klaus Esser and other top managers.
	discuss.agonist.org /yabbse/index.php?board=20;action=display;threadid=16562 (2049 words)

	TIME Europe Magazine: In The Dock -- Oct. 06, 2003
		In early September, Josef Ackermann delivered a triumphant message to an audience of investors and financial analysts in London: his aggressive plan to reshape Deutsche Bank was working.
		Ackermann and three of the others, including the former national labor leader Klaus Zwickel, were members of Mannesmann's supervisory board at the time and are charged with "breach of trust," a violation of fiduciary duty.
		Ackermann and his codefendants vehemently deny the charges, saying that Esser and the others deserved the payouts because they had presided over a huge increase in Mannesmann's market value.
	www.time.com /time/europe/magazine/article/0,13005,901031006-490654,00.html (1054 words)

	IIF : About Us : Board of Directors : Josef Ackermann (Site not responding. Last check: 2007-11-04)
		Josef Ackermann, born on February 7, 1948, in the Swiss Canton of St. Gallen, has been Spokesman of the Board of Managing Directors and Chairman of the Group Executive Committee of Deutsche Bank since May 2002.
		In 1996, Ackermann joined the Board of Managing Directors of Deutsche Bank, where he was responsible for the investment banking division.
		Ackermann is a member of the Supervisory Board of Bayer AG, Deutsche Lufthansa AG, Linde AG and Siemens AG.
	www.iif.com /about/board_bio_ackermann.quagga (218 words)

	CNN.com - Retrial in Mannesmann bonus case - Dec 21, 2005
		Ackermann was accused of signing off on the payments while a non-executive director at Mannesmann after the company agreed to stop fighting a hostile takeover from Vodafone in a $214 billion deal.
		Ackermann's lawyers said it was a legitimate reward for boosting the company's shres before the takeover.
		Ackermann came under fire earlier in the year when Deutsche Bank announced a plan to cut jobs at the same time as unveiling strong profits.
	edition.cnn.com /2005/BUSINESS/12/21/ackermann.retrial (607 words)

	BBC NEWS \| Business \| German bank chief to face trial
		Josef Ackermann, the chairman of Deutsche Bank, is to stand trial for his role in Vodafone's controversial takeover of rival wireless firm Mannesmann three years ago.
		Dr Ackermann will be tried in a German regional court for breach of trust in connection with huge bonus payments made to executives at Mannesmann on the completion of the deal.
		Dr Ackermann was a member of Mannesmann's supervisory board at the time of the takeover.
	news.bbc.co.uk /1/hi/business/3123732.stm (233 words)

	Deutsche Bank Gives Chief Another 4 Years - New York Times (Site not responding. Last check: 2007-11-04)
		Ackermann's future at the bank appeared to be in doubt after a court ordered a retrial on charges that he violated securities laws by awarding hefty bonuses to top executives at Mannesmann after fighting a hostile takeover attempt by Vodafone in 2000.
		Ackermann, 57, was being feted by London investment bankers, and he spoke publicly of the encouragement he had received from international peers to hang onto his job.
		Ackermann is also credited with steering Deutsche Bank through difficult times and turning it into a major player, especially in investment banking.
	www.nytimes.com /2006/02/02/business/worldbusiness/02deutsche.html?ex=1139547600&en=e5b6b2f1d8171a79&ei=5040&partner=MOREOVERNEWS (644 words)

	CNN.com - Deutsche Bank CEO to face trial - Sep. 19, 2003
		Ackermann could be fined or face up to 10 years in prison.
		The trial is the outcome of an investigation into Josef Ackermann's role as a supervisory board member at Mannesmann when the German telecoms and engineering group was taken over by UK mobile phone giant Vodafone three years ago.
		Ackermann -- a Deutsche management board member at the time of the Vodafone deal -- and four other former Mannesmann supervisory board members were charged in February with breaching shareholders' trust by awarding former Mannesmann CEO Klaus Esser and others excessive bonuses following the takeover.
	www.cnn.com /2003/BUSINESS/09/19/deusche.bank (516 words)

	ABC News: Prosecutors Offering No Deal to Ackermann (Site not responding. Last check: 2007-11-04)
		Prosecutors said Wednesday, Jan 11, they will not let Deutsche Bank AG Chief Executive Josef Ackermann and five other former Mannesmann executives pay hefty fines in lieu of a new trial over bonuses awarded in the wake of Vodafone PLC's takeover of mobile phone rival Mannesmann AG in 2000.
		Following the ruling, Ackermann came under intense pressure from lawmakers to resign, although the charges relate to his activities on Mannesmann's board, not at Deutsche Bank, and he did not receive money himself.
		Ackermann and his co-defendants were acquitted in July 2004 of charges that they illegally engineered payments to executives at Mannesmann after its takeover by Vodafone.
	abcnews.go.com /Business/wireStory?id=1493702&CMP=OTC-RSSFeeds0312 (371 words)

	Aljazeera.Net - Deutsche Bank chief in landmark trial (Site not responding. Last check: 2007-11-04)
		Ackermann, appearing relaxed on Wednesday and five other executives were confident they would be acquitted at the end of a trial that could last six months.
		Facing cameras and a crush of reporters on the opening day of the trial, Ackermann, arguably Germany's most powerful banker, said he could not understand why he was in court.
		Ackermann and the ex-boss of the powerful IG Metall labour union Klaus Zwickel were members of Mannesmann's supervisory board at the time and rubber-stamped the payouts.
	english.aljazeera.net /NR/exeres/58A4383F-5214-43F3-8E9E-83FBEFC134F9.htm (611 words)

	Deutsche Bank chief could see contract extended
		Deutsche Bank chief Josef Ackermann could see his contract extended by a further two or three years, even though he is facing a retrial in the long-running Mannesmann case.
		The issue of Ackermann's contract would be discussed at a supervisory board meeting on February 1, the day before Germany's biggest bank publishes its annual 2005 results, the daily Die Welt reported Thursday.
		Ackermann's reputation suffered after Germany's highest court, the Federal Supreme Court or Bundesgerichtshof, ordered a retrial of the long-running Mannesmann case in which the highly unpopular Swiss banker is one of the main defendants.
	www.turkishpress.com /news.asp?id=102932 (456 words)

	[No title] (Site not responding. Last check: 2007-11-04)
		Josef Ackermann and five others had been cleared by a regional court last year of wrongdoing in paying departing executives of Germany's Mannesmann almost 60 million euros ($70 million) in bonuses and benefits five years ago.
		Ackermann is increasingly becoming a problem for the company," said DSW head Ulrich Hocker.
		Ackermann knows that a retrial could tarnish the reputation of the bank he has led for just three years and may quit if a retrial drags on, a senior Deutsche Bank official had said before the judgment.
	today.reuters.com /business/newsArticle.aspx?type=bankingFinancial&storyID=nL21467826 (662 words)

	Ethics Newsline from the Institute for Global Ethics
		Deutsche Bank chief executive Josef Ackermann went on trial last week for allegedly enriching corporate executives with improper bonuses and severance packages at the expense of shareholders.
		Ackermann, widely viewed as Germany's most powerful banker, has flatly denied any wrongdoing, denouncing the allegations as bizarre and unfair.
		Ackermann's actions may raise eyebrows in Germany, they point out, but those same bonuses would hardly warrant a second glance in the United States or in the rest of Europe.
	www.globalethics.org /newsline/members/issue.tmpl?articleid=01260417033620 (464 words)

	German court orders re-trial in Mannesmann bonus case
		Ackermann's co-defendants are former Mannesmann chairman Klaus Esser, Mannesmann's former supervisory board chief Joachim Funk, the former head of the powerful IG Metall labour union, Klaus Zwickel, and two others, Juergen Ladberg and Dietmar Drost.
		The original trial had put executive pay in Germany in the spotlight and Ackermann and his defence team had argued that big payouts to executives, common in the US and Britain, were needed to motivate corporate leaders to take risks.
		Ackermann has become a highly unpopular figure in Germany where he has been lambasted for slashing thousands of jobs when Deutsche Bank has been turning in record profits.
	www.turkishpress.com /news.asp?id=92378 (797 words)

	Telegraph \| Money (Site not responding. Last check: 2007-11-04)
		The legal woes of Deutsche Bank chief executive Josef Ackermann deepened yesterday as it emerged that Dusseldorf prosecutors are pursuing two "breach of trust" allegations against him.
		Mr Ackermann declined to comment yesterday on the latest investigation, details of which were leaked to Der Spiegel, the German weekly news magazine.
		He is believed to have argued that Mr Ackermann and Mr Breuer should have known this would happen and committed a breach of trust by not informing him.
	www.telegraph.co.uk /money/main.jhtml?xml=/money/2003/10/14/cndeut14.xml&menuId=242&sSheet=/money/2003/10/14/ixcity.html (495 words)

	Deutsche Bank not takeover candidate -CEO - Boston.com - Business (Site not responding. Last check: 2007-11-04)
		FRANKFURT (Reuters) - Deutsche Bank is not a candidate for a takeover and instead is looking to make acquisitions, its Chief Executive, Josef Ackermann, said on Thursday.
		Ackermann was quoted in the summary as saying Deutsche Bank was not a takeover candidate and said his bank did not want to merge with Citigroup.
		Ackermann said he regretted that Deutsche Bank's talks with Deutsche Postbank a year ago did not produce results, saying a merger would have been a good strategic move.
	www.boston.com /business/articles/2005/06/16/deutsche_bank_not_takeover_candidate__ceo?mode=PF (276 words)

	ABC News: Germany's Top Banker Faces Retrial (Site not responding. Last check: 2007-11-04)
		Deutsche Bank CEO Josef Ackermann during the annual shareholders' meeting at the Festhalle in Frankfurt, Germany, May 18, 2005.
		The Federal Court of Justice will rule on a request by prosecutors in Duesseldorf who are seeking a retrial for Deutsche Bank CEO Josef Ackermann and his co-defendants.
		They sought a two-year suspended term for Ackermann and shorter suspended terms for the remaining defendants, former Mannesmann personnel chief Dietmar Droste and two more board members Juergen Ladberg, an employee representative, and Klaus Zwickel, the retired head of the IG Metall industrial union.
	abcnews.go.com /Business/wireStory?id=1427888 (468 words)

	Bloomberg.com: U.S. (Site not responding. Last check: 2007-11-04)
		Deutsche Bank Chief Executive Josef Ackermann, who transformed the Frankfurt-based company into Europe's biggest securities firm, said today his goal is to maintain earnings growth of at least 10 percent in the coming years.
		Ackermann in September pledged to make Deutsche Bank one of the world's leading securities firms, reemphasizing the focus on investment banking.
		Ackermann, whose contract yesterday was extended until the middle of 2010, has been criticized for his decision to freeze the fund.
	www.bloomberg.com /apps/news?pid=10001061&sid=aczHMJL1PqXw&refer=movers_by_index (1008 words)

	Bloomberg.com: Germany
		Deutsche Bank said yesterday a regional German court admitted an indictment against Ackermann, who along with other former Mannesmann AG executives is charged with breach of trust for approving about $65 million in payouts to senior managers tied to the phone company's takeover by Vodafone Group Plc.
		Ackermann will probably spend at least two days a week on matters related to the trial and should relinquish his responsibilities as CEO until the trial is completed, the magazine said, without saying where it obtained the information.
		Ackermann has no intention of giving up the position and has already rented an office in the city of Dusseldorf, where the trial will take place, Spiegel reported.
	quote.bloomberg.com /apps/news?pid=10001060&sid=a0i4rhO1Tjo8&refer=movers_by_index (393 words)

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