BMW executive named new Deutsche Bank CFO

Source: Exec Digital UK

Date :14/03/2008 10:13:46

Deutsche Bank AG said Thursday that BMW executive Stefan Krause will become its chief financial officer as it reaches outside the world of banking.

Mr. Krause, 45, will be the youngest member of Deutsche’s management board succeeding Anthony Di Iorio who is retiring at the end of October. He will join the bank's management board on April 1, the Frankfurt-based bank said.

Sales role

Mr. Krause spent five years as BMW’s CFO and since has overseen sales and marketing for the Munich-based car maker. He has also led the carmaker’s financial services unit in the US.

Ian Robertson, head of BMW’s growing Rolls-Royce brand, will replace Mr Krause. He will be the car-maker’s first British board member and one of the few non-Germans to reach its top management.

The role is crucial for BMW, the world's largest maker of luxury car, as it attempts to build a global presence and boost revenues per vehicle in markets such as the US, where margins are under pressure from the weak dollar and intensifying competition.

March 14, 2008