Karl von Rohr said he will step down as chairman at DWS in October after five years leading the €281bn asset manager's supervisory board.
Von Rohr's decision not to renew his chairman's position at DWS comes as his contract as a management board member at DWS parent Deutsche Bank also expires on October 31.
While accepting von Rohr's decision not to remain chairman at DWS, Deutsche Bank asked him to stand for re-election to the DWS at this year's AGM and remain a member of the DWS supervisory board.
Von Rohr said: "I am looking forward to continuing to support DWS on the Supervisory Board to achieve its financial and strategic targets in the coming years, albeit in a different role after a successor as Chairman has been found."
DWS said it would conduct a "thorough search" for a new chairman over the coming months.
Von Rohr joined Deutsche Bank in 1997, becoming a member of the management board in 2015. In 2018 he became president of the Deutsche Bank management board and chairman of DWS.
Announcing his decision to step away from his senior roles, Von Rohr said it was "the right time for me to pursue new endeavours".
Stefan Hoops, chief executive of DWS, said: "We regretfully respect Karl's decision and his intention to step down as chairman of the supervisory board at the end of October. "He has guided and supported our Company on its way to becoming a leading independently listed asset manager." DWS said it would search for a new chairman over the coming months.
