Deutsche Bank has named Volkswagen chief financial officer Frank Witter as a new member of its supervisory board, replacing Alexander Schütz, the executive who came under fire for email communications with the boss of scandal-ridden payments firm, Wirecard.

Witter has been nominated as successor to Schütz, and his appointment will be voted upon at the bank's annual general meeting in May, the bank said in a statement. Witter is set to retire from Volkswagen in June 2021.