Oetker is a great-grandson of the founder of the Oetker Group August Oetker and son of Rudolf-August Oetker . He made ​​a business education in a shipping company . Since 1972 he has worked for the Oetker Group and was from 1 Januar 1981 to 2009 a general partner of the company. During his tenure, he led the individual independent company to an international company , Dr. August Oetker KG together and built it from the European market leader in the fields of baking products, baking mixes, desserts and frozen pizzas.

Since 1 January 2010 his brother Richard general partner of Dr. August Oetker KG. August Oetker is the Chairman of the Board.

On 11 October 2000, the Oetker honorary doctorate from the Faculty of Economics of the University of Witten-Herdecke awarded. He is Chairman of the Board (similar to the supervisory board of a private company), University of Witten / Herdecke and a board member of the Foundation 'Liberal Network.

Oetker has six children and is married to his third wife Nina Oetker.