DF Deutsche Forfait AG named Behrooz Abdolvand chairman of its management board, effective Nov. 1.

Abdolvand's initial one-year term will have him overseeing Deutsche Forfait's strategy and sales. He will resign from the company's supervisory board Oct. 31.

Franz Josef Nick will replace Abdolvand on the supervisory board, serving until his appointment can be submitted to a shareholder vote at the next annual general meeting. Nick was formerly chairman of the management board of TARGOBANK AG & Co. KGaA.