(Bloomberg) -- DWS Group’s investment division head Stefan Kreuzkamp is leaving as Chief Executive Officer Stefan Hoops continues to shake up management at Deutsche Bank AG’s asset management arm.

Kreuzkamp will depart at the end of the year, according to an internal memo seen by Bloomberg. The executive, who worked at DWS for 24 years, agreed to the company’s request to make way for a new management team before his contract ends in 2024, Supervisory Board Chairman Karl von Rohr and Hoops said in the memo. 

DWS previously named three other executives to take over some of Kreuzkamp’s responsibilities, including Björn Jesch as chief investment officer. Jesch, Vincenzo Vedda and Fiona Bassett will all report to Hoops, who took over in June. The new CEO has a mandate to clean house and restore calm after the asset manager was rattled by accusations that it overstated its sustainability capabilities, claims that DWS has rejected. 

Other changes made under Hoops include the planned departure of Chief Operating Officer Mark Cullen and the appointment of Dirk Goergen to lead the US business. He’s also set up a sustainability oversight office to strengthen ESG-related controls and engagement across the firm. 

DWS may also get new chairman next year since Deutsche Bank Supervisory Board Chairman Alexander Wynaendts is leaning towards not renewing von Rohr’s contract, according to people familiar with the matter. Von Rohr, whose term ends in the fall of next year, is also one of two deputy CEOs at the German lender, which owns about 80% of DWS.

A spokeswoman for Deutsche Bank said the lender doesn’t comment on contract extensions for management board members and added that “the standard practice” for its supervisory board is to decide on the matter “about half a year before.”

Wynaendts preference to let von Rohr’s contract end was earlier reported by Manager Magazin. 

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