Deutsche Bank nominates Chairman Achleitner for five more years

(Adds supervisory board nomination details)

FRANKFURT, March 16 (Reuters) - Deutsche Bank

Chairman Paul Achleitner has been nominated for another

five-year term on the lender's supervisory board, a

controversial choice for Germany's flagship lender which is

struggling with yet another strategy overhaul.

Achleitner's potential nomination has been discussed for

months and has split investors, with critics saying he did too

little to change the bank's culture and strategy while advocates

say his departure would cause more uncertainty.

"Should his nomination be approved at the Annual General

Meeting, the intention is for Achleitner to be re-elected as

chairman," Deutsche Bank said in a statement on Thursday.

During Achleitner's tenure, the bank's stock price plunged,

weighed down by a string of legal issues and fines.

This month, Chief Executive John Cryan sought shareholder

backing for an 8 billion euros ($8.5 billion) rights issue, the

fourth capital increase since 2010, to pay for an overhaul of

its investment bank and retail banking operations.

Deutsche also said it would seek backing at the Annual

General Meeting on May 18 to elect two new members to the

Supervisory Board.

Gerhard Eschelbeck, head of IT security at U.S. technology

group Google, is to succeed Peter Loescher while Alexander

Schuetz is to replace Klaus Ruediger Truetzschler, the bank


Schuetz is the founder and Chief Executive of C-Quadrat,

which manages Chinese conglomerate HNA Group’s stake

in Deutsche Bank, the lender said.

Sources told Reuters this month that HNA Group would like to

increase its 3 percent stake in Deutsche Bank.

Deutsche Bank also said Norbert Winkeljohann would stand for

election at the 2018 Annual General Meeting. Winkeljohann is

chairman of the management board of advisory and accounting firm

PricewaterhouseCoopers in Germany, and will replace Henning

Kagermann, who will not stand for re-election, Deutsche said.

(Reporting by Edward Taylor; editing by Susan Thomas)