Events after the reporting period

Moody’s raises rating for Deutsche Lufthansa AG to investment grade

The rating agency Moody’s lifted its rating for Deutsche Lufthansa AG from Ba1 to the investment grade level Baa3 on 18 January 2024. According to Moody’s, the upgrade was based on the positive trend in operating profitability at the Lufthansa Group, which had improved significantly in 2023.

The upgrade by Moody’s means that Deutsche Lufthansa AG is again rated investment grade by all the leading rating agencies.

Supervisory Board decides on comprehensive reorganisation of the Executive Board

The Supervisory Board of Deutsche Lufthansa AG voted to carry out a wide-ranging reorganisation of the Executive Board at its meeting on 22 February 2024. The Executive Board is to be reduced from six to five members and responsibilities redistributed.

Christina Foerster, Harry Hohmeister and Detlef Kayser will leave the Executive Board as of 30 June 2024, and Remco Steenbergen will leave the Executive Board at the close of 7 May 2024, the date of the Annual General Meeting.

New members Grazia Vittadini and Dieter Vranckx will be appointed to the Executive Board as of 1 July 2024.

Grazia Vittadini, previously at Rolls-Royce Holdings plc, London, as Chief Technology Officer and Member of the Executive Team, most recently active as a special consultant, will lead the MRO and IT function as Chief Technology Officer, which also includes responsibility for sustainability. Her contract will run for three years.

Dieter Vranckx, previously CEO of SWISS International Airlines, becomes the Executive Board member for Global Markets and Commercial Hubs Management. His contract will also run for three years. The areas of Customer Experience and Group Brand Management, which were previously part of Brand Management & Sustainability, are now also his responsibility.

A new candidate is to be found for the position of Chief Financial Officer.
Until the position is filled, Michael Niggemann will lead the finance function ad interim in addition to his responsibility on the Executive Board for Personnel, Logistics & Non-Hub Business, (previously Human Resources and Infrastructure).

Lufthansa Group Annual Report 2023