Jochen Klosges will join the Hamburg-based shipowner as chief operating officer in April before taking the hotseat on 1 July, a statement explains.
He will replace Nicholas Teller who has decided to step down after six years at the helm for a more non-executive management role, replacing Erck Rickmers as group chairman.
"We are very pleased to have secured the services of Jochen Klosges and to have a further top caliber manager on board,” said Erck Rickmers.
“The current difficult shipping markets offer numerous opportunities which we actively wish to pursue.”
Klosges has been on Commerzbank’s main board since 2009 and currently heads its worldwide shipping business.
Teller, himself an alumnus of the German lender, said: "Jochen Klosges and I have known and respected each other for years dating back to our time at Commerzbank.
“In addition to his shipping expertise he has great experience in the real estate industry.
“I am really looking forward to working closely with him again in the future," Teller said.
Klosges will resign from his position as main board director of Commerzbank on 31 December.
