Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Power struggle escalates at German railways: sources

Stock Markets Nov 07, 2019 04:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

BERLIN (Reuters) - A power struggle has escalated at Germany's Deutsche Bahn (DBN.UL), with the position of finance chief Alexander Doll at risk, company sources said ahead of a special meeting of the supervisory board of the railway company on Thursday.

Members of the executive and supervisory boards have Doll in their sights, the sources told Reuters, saying he did not inform the government and the supervisory board about problems in the planned sale of international unit Arriva.

A spokeswoman for Deutsche Bahn declined to comment.

Doll was called in on Wednesday by Transport Minister Andreas Scheuer, who the sources said had not shown any backing for Doll. Doll himself considers the accusations unfounded and does not want to go voluntarily.

Seen as a reformer at the company, Doll still has some supporters on the supervisory board, including among trade union representatives, the sources said. His opponents are Ronald Pofalla, infrastructure head, and Richard Lutz, railways head.

Deutsche Bahn said in September that it expects a 50 billion euro ($55.4 billion) climate change package agreed by the German government to generate the railway company’s biggest growth spurt in its 180-year history.

However, the highly indebted firm and chief executive Lutz have been under fire over delays and for having insufficient capacity, with Scheuer setting Lutz an ultimatum of Nov. 14 to present ideas for improvements in rail and freight.

The supervisory board meeting on Thursday was due to appoint Sigrid Nikutta, the head of the Berlin public transportation company, to the executive board to reorganize the ailing freight transport subsidiary DB Cargo, currently managed by Doll.

However, that appointment could also be at risk because of the power struggle around Doll.

Power struggle escalates at German railways: sources
 

Related Articles

Former Deutsche Bank co-CEO Anshu Jain dies
Former Deutsche Bank co-CEO Anshu Jain dies By Reuters - Aug 13, 2022 10

(Reuters) -Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG (NYSE:DB) take on the largest Wall Street firms, died overnight on Saturday...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email