Head of German railway quits abruptly after 8 years

MarketsAssociated Press

The head of Germany's national railway has resigned abruptly after nearly eight years at the helm of the government-owned company.

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Deutsche Bahn said that its board of directors on Monday approved CEO Ruediger Grube's request to step down with immediate effect.

It didn't give reasons for Grube's move. German media reported that his resignation was triggered by an argument over details of a planned contract extension.

Deutsche Bahn said that a decision on a successor will be made soon. In practice, that is a decision for Germany's governing parties.

Chief financial officer Richard Lutz will take over the CEO's duties on an interim basis.