Lufthansa Names Ulrik Svensson as New CFO

FRANKFURT—Deutsche Lufthansa AG said Ulrik Svensson would be its new Chief Financial Officer, taking over from Simone Menne, who is stepping down in August amid efforts to put the airline on a surer financial footing.

The airline said Mr. Svensson, currently Chief Executive Officer of Swedish investment company Melker Schö rling AB, would take up the role Jan. 1, 2017.

Mr. Svensson has also worked as Managing Director Finance and CFO of Swiss International Air Lines and played an important role in that company's turnaround and its acquisition by Lufthansa, the German airline said.

Lufthansa is restructuring to cut costs and boost competitiveness. It has been shedding market share in its short-haul business to Ryanair Holdings PLC and easyJet PLC, while also losing long-haul passengers to Middle East carriers such as Emirates Airline and Qatar Airways.

Lufthansa announced in June that Ms. Menne would be leaving the company and said Friday that CEO Carsten Spohr will act as financial chief until Mr. Svensson comes on board in the new year.

(END) Dow Jones Newswires

July 01, 2016 13:55 ET (17:55 GMT)

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