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Ex-Deutsche Bank CEO Cryan to chair Man Group from January

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By Reuters
Ex-Deutsche Bank CEO Cryan to chair Man Group from January
FILE PHOTO: John Cryan, CEO of Germany's Deutsche Bank is pictured in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski/File Photo   -   Copyright  Ralph Orlowski(Reuters)

LONDON (Reuters) – British hedge fund Man Group <EMG.L> said on Monday that the former Deutsche Bank chief executive John Cryan has been appointed chairman and will start his new role in January 2020, replacing Ian Livingston.

Cryan is currently an independent non-executive director of Man Group, and his appointment comes less than a week after the company’s president Jonathan Sorrell said he would stand down with immediate effect.

Livingston said in a statement that he was standing down due to new governance rules that limit board tenure of a company to nine years.

Man Group CEO Luke Ellis said the strategy of the firm remains unchanged. Cryan joined Deutsche Bank in July 2015 but was ousted from the CEO job less than three years later amid mounting questions about the future direction of the investment bank.

(Reporting by Huw Jones; Editing by Rachel Armstrong)