Change in the CFO position at Deutz

CFO and Labor Director Mr. Timo Krutoff will leave DEUTZ AG at the end of November. Mr. Oliver Neu, Head of Finance & Controlling, will assume his position on the Management Board, effective October 1, 2024.

Cologne, Germany- Mr. Timo Krutoff will leave DEUTZ AG., on November 30, 2024, by mutual agreement. Serving as Chief Financial Officer and Labour Director since December 2022, he managed Finance, Human Resources, and Information Services. The Supervisory Board has appointed Mr. Oliver Neu, currently Senior Vice President of Finance & Controlling, as his successor, effective October 1, 2024.

Oliver Neu, born in 1981, has led the Accounting, Controlling, Treasury, Trade Finance, Tax, and Risk Management departments since 2021. A trained banker with a degree in business administration from the University of Cologne, he has held management roles in the Thyssenkrupp Group since 2009, including leadership positions in Brazil and China. Prior to joining DEUTZ, he oversaw the surface vessels division at Thyssenkrupp Marine Systems.

Dr Dietmar Voggenreiter, Chairman of the Supervisory Board, said, ‘On behalf of the entire Supervisory Board, I would like to thank Timo Krutoff for his commitment and his important contributions to the transformation of DEUTZ AG in challenging times. I would like to emphasize his contributions to the refinancing, the entry of Daimler Truck and the integration of the acquired Rolls-Royce Power Systems business. Even if we regret it, we respect his decision for his future career planning and wish him every success. At the same time, I am delighted that we have been able to find an internal successor for this important position in Oliver Neu. Due to his previous role, he is very familiar with the financial matters of DEUTZ AG and also has an eye for the big picture. The appointment of Oliver Neu will ensure a smooth transition. I wish him a successful start and all the best."