“Dr Richard Lutz has served as both CEO and CFO for nearly two years,” says DB supervisory board chairman, Mr Michael Odenwald. “Our decision will allow him to focus in particular on the strategic development of the DB group.”

The supervisory board also discussed DB’s quality, service, punctuality and financial performance, and will hold a strategy meeting in late November where the management board will present a problem analysis as well as a strategy for the future of DB.

Earlier this month, Lutz instigated emergency spending controls as the company sought to avoid another profit warning and slow the increase in its debts, which are nearing €20bn. DB announced a 17.4% fall in profit for the first half of this year largely due to a reduction in freight traffic.