Schaeffler AG CEO quits, CFO takes interim charge
Dr Juergen Geissinger, the Chief Executive Office of Germany-base leading component manufacturer Schaeffler AG has stepped down from the post with immediate effect. Klaus Rosenfeld, Chief Financial Officer has assumed Geissinger's role on an interim basis.
"At its meeting, the Supervisory Board of Schaeffler AG decided on a change of leadership. CEO Dr. Juergen M. Geissinger will leave the company by mutual consent with immediate effect. Until the appointment of a successor, CFO Klaus Rosenfeld will take over as acting CEO, in addition to his current tasks." the company said in a statement. The leadership change comes after Shaeffler's plan to combine with Continental failed.
Geissinger has led the company, which is Continental's largest shareholder and makes roller bearings for cars and industrial equipment, since 1998. His contract would have expired at the end of 2014. The executive came under pressure after spearheading a hostile takeover bid for Continental in late 2008. The offer, which was made just before financial markets collapsed, was accepted by more investors than expected, burdening Schaeffer with debt and nearly leading to the company's collapse.
Georg F. W. Schaeffler, Chairman of the Supervisory Board of Schaeffler AG, said: "With today's change of leadership we have paved the way for the future reorientation of Schaeffler Group and its leadership. We will continue on our path of growth, supported by the necessary investments. Technological leadership, innovation, quality and continuity remain the cornerstones of our strategy. We thank Dr. Geissinger for his work and contribution to the success of our company and wish him all the best for the future. "
