Commerzbank Promotes CFO Bettina Orlopp to Second-in-Command

Commerzbank AG promoted Chief Financial Officer Bettina Orlopp and extended her contract in a sign the lender is trying to give more power to an executive previously passed over for the chief executive officer role.

Orlopp, who remains CFO, has also been appointed deputy CEO and her contract now runs for the next five years, the bank said in a statement late Wednesday. The lender also took oversight of the retail unit away from Sabine Schmittroth and is currently looking for a successor in the role, it said. Schmittroth will keep responsibility for human resources.

Bettina Orlopp

Photographer: Alex Kraus/Bloomberg

The upgraded role for ...