Germany's DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH appointed Christiane Laibach chair of its management board, effective July 1.

Laibach, who has been a management board member since February 2015, replaced Bruno Wenn, who took early retirement June 30 after nine years at the helm.

The company also named Monika Beck a management board member, responsible for front-office divisions.

State-controlled KfW owns 100% of DEG.