DWS CEO Woehrmann resigns hours after raid on offices

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The CEO of Deutsche Bank AG’s DB,

DWS Group’s asset management subsidiary will step down, hours after a raid by German authorities on its Frankfurt offices, the German lender said on Wednesday.

CEO Asoka Woehrmann said he would resign “according to the company” and be replaced by Stefan Hoops from June 10, following DWS’s annual general meeting on June 9, Deutsche Bank said.

Mr. Hoops will also take over responsibility for group-level asset management from the German lender.

On Tuesday, Deutsche Bank and DWS were searched by law enforcement on charges of greenwashing DWS.

“We have fully cooperated continuously with all relevant regulators and authorities on this issue and will continue to do so,” a DWS spokesman said at the time.

Mr. Hoops was previously in charge of the German lender’s corporate bank, a role that will be taken over by David Lynne, the current head of corporate banking in the Asia-Pacific region, the bank added.

Write to Ed Frankl at edward.frankl@dowjones.com

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