Oliver Seidl

DB Schenker has appointed Oliver Seidl (pictured) as its new chief financial officer, with him due to take up the post “at the earliest possible availability” and incumbent Lutz Freytag set to depart in November.

Mr Seidel, 53,  is currently CFO of Media-Saturn-Holding, and DB Schenker said in a statement that he “brings many years of experience in diverse finance-related management positions”.

From 2010 to 2013, he was chairman of German electronics manufacturer Loewe, while prior to that “he looked after management accounting, strategy and M&A at medium-sized companies”.

From 1990 to 2001, he worked in a variety of roles for Daimler in Bremen and Stuttgart, having studied business at the universities of Göttingen and Marburg.

DB Schenker chairman Richard Lutz said: “We are bringing a proven expert on board with relevant experience as the CFO of internationally active businesses.”

Meanwhile, Dr Freytag, CFO for nine years, is leaving “to tackle new challenges and dedicate more time to his personal pursuits”.

DB Schenker chief executive Jochen Thewes said: “He has achieved a great deal for Schenker. We would like to thank Lutz for the great personal dedication he has shown throughout his years at DB Schenker and wish him all the best for the future.”

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