BREAKING NEWS

Deutsche Bahn CFO to step down - source

Deutsche Bahn CFO to step down - source
FILE PHOTO: A rusted logo of Deutsche Bahn AG is pictured on a lorry that waits for demolition at a recycling firm in Leverkusen, Germany, March 28, 2019. REUTERS/Wolfgang Rattay. -
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Wolfgang Rattay(Reuters)
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FRANKFURT (Reuters) – The chief financial officer of German rail operator Deutsche Bahn, Alexander Doll, is to leave his post, a source familiar with the situation said on Friday.

The move had been agreed by both Doll and the company but needed still to be approved by the supervisory board at an extraordinary meeting on Monday. German news agency dpa first reported the move.

The company was not immediately available to comment.

Doll’s position was known to be at risk, sources told Reuters on Thursday, amid disagreements about the sale of its Arriva unit.

Also, the current industry recession has increased pressure on Deutsche Bahn’s cargo unit, managed by Doll, and the risk of new impairments for the state-owned company is rising.

There have been power struggles between managers, unions and the transport ministry, which exercises ownership rights in the state-owned rail operator, about which course to take.

The ministry has criticised delays and capacity shortages that have limited the company’s ability to take advantage of billions of euros the state plans to spend on the railway as part of a climate protection package.

(Reporting by Klaus Lauer, writing by Vera Eckert, edited by Sabine Wollrab and Thomas Escritt)

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