At its meeting on Wednesday, the Supervisory Board of Deutsche Postbank AG settled the issue of who will be the next head of the Personnel Board Department. The current Labour Director, Volker Mai, has resigned his position of his own volition with effect from 30 June 2003 and is leaving the company by amicable agreement.

Mr Ralf Stemmer will now take over his responsibilities and will join the Management Board as soon as the Federal Financial Supervisory Authority (BAFin) has given its approval.

Since 1997, 42-year-old Mr Stemmer has been Managing Director Corporate Compensation Policies/Labour Law at Deutsche Post AG and since 1999, he has also been head of the Compensation and Co-determination Policies Department at Deutsche Postbank AG. In 1989, after completing his law studies and his second state examination in law in Bielefeld, Mr Stemmer joined what was then Deutsche Bundespost, where he held several positions, mainly in the area of human resources management. Mr Stemmer is, among other things, a member of the Executive Board of the Confederation of German Employers’ Associations and holds several positions in supervisory bodies. Since 1998, he has been an honorary judge in the 3rd Division (Senate) of the Federal Labour Court.