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Significant board changes at Fuchs Lubricants

The major lubricant manufacturer Fuchs Petrolub has confirmed that it will be making a number of changes at its boardroom level, including the appointment of a new Chief Financial Officer (CFO).

Dagmar Steinert will assume the CFO role from the beginning of next year, replacing Alexander Selent. The latter is retiring, after holding this position for the last decade and a half, during which time he implemented the ‘Fuchs Value Added’ process.

Steinert, 50, has been with Fuchs since 2013, having initially been employed by the company as its Head of Investor Relations. Prior to this, she worked as a chartered accountant and tax advisor for PWC and as a finance executive at Rheinmetall.

The promotion of Steinert to the role of CFO however, is just one of the boardroom changes being planned by a company that has built a reputation for manufacturing high quality industrial lubricants like Fuchs Reniso C85E and pharmaceutical ones such as Fuchs WSP 783-L.

The decision has been made by the Supervisory Board at the company to increase the size of its Executive Board, with the addition of Dr Timo Reister, who is also set to start his new job at the beginning of 2016.

This 36-year-old business economics PhD-holder has been employed by Fuchs Petrolub for six years, and has held responsibility for several of its North American and Mexican concerns during that time. For the past year, he has been in charge of overseeing its expansion in the Asia-Pacific region through his role as Shanghai-based Group Management Committee member.

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