Klaus Rosenfeld replaces Juergen Geissinger as Schaeffler CEO

Article by Christian Andrei, on October 11, 2013

Juergen Geissinger has stepped down as the CEO of German supplier Schaeffler and will be replaced by Chief Financial Officer Klaus Rosenfeld in an interim basis as part of a strategy shift. Family-owned Schaeffler makes FAG bearings used by North American automakers to boost fuel economy. In a statement, Schaeffler said that Geissinger's departure was by "mutual consent."

Chairman Georg F. W. Schaeffler said that this change in leadership is just the start and that it will be followed by the “future reorientation of Schaeffler Group and its leadership.” Geissinger’s contract would have expired at the end of 2014. Last April, sources said that Schaeffler is struggling to pay back its debt from the largest shareholder in Continental and is considering a plan to announce an initial public offering next year.

David Arnold, an automotive specialist at Barclays Plc's investment-banking unit in London, told his clients that this change in leadership may “reflect the preparation for a potential IPO to de-leverage further.” Schaeffler is famous in North America for its INA, FAG and LuK brands.

FAG is a global leader in producing ball bearings and roller bearings that are used on axles and in transmissions and differentials. LuK manufactures transmission parts for nearly all types gearboxes, as well as complete clutch assemblies for manual transmissions.

LuK has content on numerous North American and European transmissions. The company is ranked No. 21 on the Automotive News list of the top 100 global suppliers with estimated worldwide sales to automakers of $8.7 billion in 2012. Of this amount, about $1.1 billion in revenue was generated in North America. Founded in 1998, Schaeffler is a manufacturer of automotive, aerospace and industrial roller bearings.

Topics: ceo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Volvo has revealed that while its products are used by a number of police organizations around the world, it will be the Swedish police that will get the first chance...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries