Vetter has announced that the company’s advisory board unanimously appointed Oliver Albrecht as the new managing director from 1 April 2015.

Mr Albrecht replaces Max Horn as managing director, who left the company in June 2014.

Oliver Albrecht has more than 20 years of experience managing international, medium-sized listed companies both as a managing director and as chief financial officer in a range of industries including banking, automotive and mechanical engineering.

In recent years, Oliver held the position of chief financial officer for SHW AG, headquartered in Aalen, Germany and acted as an independent consultant for mid-sized companies.

Oliver’s previous positions include senior posts at companies including chief financial officer for centrotherm photovoltaics AG and as a director in the financial and banking sector. He holds a diploma in Business from the University of Mannheim, Germany.

Vetter chairman of the advisory board Udo J Vetter said: "Oliver’s vast experience in a variety of industries, combined with his deep knowledge of achieving operational and financial excellence will be a tremendous asset to Vetter."

In his new role as managing director, Mr Albrecht will be responsible for two of eight company divisions, the first of which is comprised of finance, controlling and IT.

The second division includes corporate development, legal and corporate compliance.