The European Bank for Reconstruction and Development has announced the appointment of Burkhard Kübel-Sorger as Vice President and Chief Financial Officer, with the role taking effect on 1 July 2024. Kübel-Sorger will join the EBRD's Executive Committee upon assuming his duties, becoming part of the institution's most senior decision-making body and participating directly in the shaping of the bank's strategic and financial direction.
He succeeds Soha El-Turky, who has served as CFO since joining the EBRD in 2020. El-Turky's tenure covered a period of considerable operational challenge and opportunity for the institution, including the EBRD's rapid response to the economic consequences of the war in Ukraine and the associated scaling up of financing activity across central and eastern Europe, which placed considerable demands on the bank's financial management functions.
ROLE AND RESPONSIBILITIES
As Vice President and CFO, Kübel-Sorger will take on responsibility for the EBRD's financial management, treasury operations, and reporting functions. The CFO role at a multilateral development bank of the EBRD's scale encompasses oversight of capital allocation, balance sheet management, and relations with the bond markets through which the institution raises the funds it deploys as loans, equity investments, and guarantees to clients across its regions of operation.
The EBRD operates in more than thirty countries across central and eastern Europe, Central Asia, and the southern and eastern Mediterranean, with its financing focused on supporting private sector development, infrastructure investment, and the transition to more market-based and sustainable economies. The CFO's office plays a central role in maintaining the financial strength and credit quality that allow the bank to access capital markets on favourable terms and pass those advantages on to its borrowers.
Joining the Executive Committee means that Kübel-Sorger will participate directly in the EBRD's strategic deliberations alongside its President and other senior vice presidents, giving him influence over the institution's direction as well as its financial stewardship. The Executive Committee is responsible for day-to-day management of the bank and for implementing the strategic priorities set by the Board of Directors and agreed with its shareholder governments.
SUCCESSION AND TRANSITION
The transition from El-Turky to Kübel-Sorger is scheduled to take place at the start of July, providing a defined handover period during which institutional knowledge and ongoing workstreams can be transferred. The EBRD has made the appointment through an announcement published on its website, reflecting standard practice for significant executive changes at multilateral institutions, where transparency in governance matters both to member states and to capital market counterparties.
Kübel-Sorger's appointment comes as the EBRD continues to navigate a complex operating environment in its core markets. The institution has been expanding its engagement in Ukraine and has faced questions about its exposure to geopolitical risk across parts of its region. Strong financial leadership will be important in maintaining the confidence of bond investors and the bank's shareholders, which include governments from across Europe and beyond.
The EBRD did not disclose the full details of Kübel-Sorger's prior career background in the announcement, but his selection for a Vice President-level role with a seat on the Executive Committee signals that the board and management regard him as having the requisite seniority and expertise for one of the most demanding CFO positions in the development finance sector.