Deutsche Pfandbriefbank AG (PBB) appointed Kay Wolf as its new chief executive officer, effective Feb. 1.

The appointment is subject to regulatory approval. Wolf will take over as successor to Andreas Arndt, who will resign from his role after 10 years as a member of the board, eight of which as CEO.

Currently Deutsche Bank chief risk officer for the private bank, Wolf’s career began in 1997 as a trainee at Deutsche Bank. From 2006-10, he worked at one of PBB’s preceding companies, his last role there being that of chief information officer. He then went on to hold a number of positions at Postbank, among others that of chief credit officer, and became a member of the board and chief risk officer at Deutsche Bank Privat- und Firmenkundenbank AG.