Commerzbank on Tuesday announced its current Chief Financial Officer Bettina Orlopp will soon become CEO of the embattled German bank.

The German bank said that early this month Manfred Knof informed Jens Weidmann, chairman of the supervisory board, of his decision not to seek a second term as the bank’s CEO.

Bettina Orlopp, who has been named as the first female CEO of a major German bank, has faced big challenges during a decade at Commerzbank, including a shareholder revolt soon after she became its finance chief in 2020.

Inmitten des Übernahmekampfes um die Commerzbank rückt die bisherige Finanzchefin Bettina Orlopp zur Vorstandsvorsitzenden der Bank auf, als erste Frau in dieser Funktion überhaupt.

Newly named Commerzbank Chief Executive Bettina Orlopp has a difficult first mission: Fend off an Italian raider, UniCredit, while somehow keeping long-suffering shareholders happy. UniCredit’s surprise purchase of 9% of the German bank this month,

Bettina Orlopp will take over as chief executive officer of Germany's Commerzbank in the near future, making her one of the country's highest-profile bankers during a tumultuous time for its No. 2 lender.