Joachim Schumacher joins DEG's Management Board

Joachim Schumacher becomes a member of the Management Board of DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, effective 1 May 2023. He is succeeding Philipp Kreutz, who, after fifteen years on DEG's Management Board, retires as planned on 30 April 2023.

Philipp Kreutz entering retirement

Joachim Schumacher had been with DEG, a subsidiary of KfW, from 2002 to 2021 and has extensive experience in the international financing business. Most recently 48-year-old Schumacher was responsible for implementing the Federal Republic of Germany’s financial cooperation in the priority areas of climate, sustainability and energy in East and Southeast Asia at KfW Development Bank. In November 2022 KfW, as the shareholder of DEG, appointed him to the Management Board of DEG, taking over the responsibilities for DEG’s back-office and digitalisation divisions from Philipp Kreutz.

Schumacher with DEG since 2002

Joachim Schumacher joined DEG in 2002, holding various management positions for several years. Among other positions, he was head of division Africa and Latin America and head of division Credit Management and Analysis at DEG. From 2008 to 2012 Schumacher was head of department Private Equity & Funds.

He studied Business Administration and graduated at the University of Cologne. He is CFA® Charterholder and attended the Executive Development Program at Wharton Business School.

DEG's three-member Management Board also includes Roland Siller as Chairman and Monika Beck, who is responsible for DEG's market divisions.