German central bank chief to step down after 10 years

The head of Germany's central bank announced Wednesday that he will step down after a decade at the helm.

A statement from the Bundesbank said Jens Weidmann will leave office at the end of the year for personal reasons. National central bank governors in the 19-country eurozone have a seat on the European Central Bank s governing council, and in that position, Weidmann has sometimes expressed disagreement with the extent of stimulus efforts.

“I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf — for the Bundesbank, but also for me personally," Weidmann said in a letter to the bank's staff.

Weidmann, previously an adviser to outgoing German Chancellor Angela Merkel has headed the Frankfurt-based Bundesbank since May 2011.