CFO Drives to Deutsche Bank

Stefan Krause, longtime finance chief for BMW, steers into another turbulent industry.
Stephen TaubMarch 13, 2008

Stefan Krause has been named to succeed the retiring Anthony di Iorio as chief financial officer of Deutsche Bank, effective October 1. He also was appointed to the bank’s management board, effective April 1.

Krause will move over from BMW, where he was CFO from May 2002 until September 2007, after which he took over sales and marketing for the auto company.

He joined BMW in 1987 as controller. In 1993, he became head of finance services at BMW USA, and from 1998 through 2000 Krause headed financial services for North and South America.

A 2006 article in Automotive News Europedescribed Krause as “a tough, open-minded straight talker whose talent with numbers has helped the automaker earn huge profits despite unfavorable currency exchange rates, skyrocketing raw materials prices and intense competition.”

BMW chairman Norbert Reithofer said in a statement, “We respect Mr. Krause’s decision to terminate his contract prematurely and take on a new challenge outside BMW. On behalf of the entire Management Board I would like to thank him for his commitment and wish him all the best for his new task.”