Hypo Real Estate moved quickly to announce a successor to Georg Funke, who was forced to step down as chief executive yesterday.
Axel Wieandt, global head of corporate investments at Deutsche Bank since 2003, will take over, Hypo said in a statement. He will take up the role on Monday.
In a further appointment to the board, the German real estate lender said Kai Wilhlem Franzmeyer will become treasurer. Franzmeyer is joining from Commerzbank.
Kurt Viermetz, chairman of Hypo, called the changes “replenishment” of the management board, “clearing the way for a stable and successful future”.
Funke resigned yesterday causing shockwaves at the Expo Real property show in Munich where thousands have descended amid the global financial crisis. His departure followed a €50 billion government and private sector bail out of the troubled German lender.