Generation change: RAG Foundation appoints long-time HSBC manager as Chief Financial Officer

The Board of Trustees of the RAG Foundation has appointed Kerstin Terhardt as its new Chief Financial Officer. She will succeed Jürgen Rupp on May 7, 2026, whose contract expires after two terms and a total of seven years on the Board.

According to the press release, Terhardt is a proven expert in the field of financial investments. She has been with HSBC since 2004 and is currently a member of the management team of HSBC Asset Management Germany. She has over 20 years of experience in asset management for institutional and private investors. One of her focuses is on sustainable investment strategies. Her contract with the RAG Foundation is set for five years.

Rupp joined the RAG Foundation's Board of Directors in April 2019. His tenure encompassed both the coronavirus crisis and ongoing geopolitical conflicts. Armin Laschet, Chairman of the Board of Trustees, praised his work in a challenging environment: "Dr. Jürgen Rupp has consistently and persistently driven the diversification of the foundation's assets. As Chief Financial Officer, he has made a decisive contribution to making the RAG Foundation more robust and resilient."

Rupp joined the board of what is now RAG Aktiengesellschaft at the beginning of 2007. There, he was responsible for finance until his move to the RAG Foundation. His career also included working for Steag Fernwärme.

The RAG Foundation is worth around 17 billion euros

The private-law RAG Foundation was established in 2007. Since the beginning of 2019, it has been responsible for financing the so-called perpetual obligations of the German hard coal mining industry in the Ruhr, Saar, and Ibbenbüren regions. It also supports numerous projects in the fields of education, science, and culture related to the German hard coal mining industry. The foundation generates the funds to fulfill its mission from its broadly diversified investment portfolio. The foundation invests globally in numerous asset classes, including equities and bonds, real estate, infrastructure, and private equity. Co-investments and direct corporate investments are also part of the foundation's portfolio. The RAG Foundation's assets amounted to approximately €17 billion at the end of 2024.