© Reuters.

FRANKFURT (Reuters) – Commerzbank (DE:) has launched an external search for its chief executive, a person with direct knowledge of the matter said on Wednesday, as a leadership vacuum at the German lender continues.

Commerzbank’s chairman and its chief executive stepped down in July, bowing to demands from top shareholder Cerberus that the lender change its strategy to stop a downward spiral in its financial performance.

The bank has found a chair, but the search for CEO is a work in progress. That is putting a strategy revamp on hold.

The board met on Wednesday and discussed the search, the person said.

The person said the search will include external candidates to ensure options and to study the market.

Commerzbank declined to comment.

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