HERZOGENAURACH, Germany, March 11, 2016 /PRNewswire/ -- In today's meeting, the Supervisory Board of Schaeffler AG appointed Matthias Zink (46), global head of the business division Transmissions Systems, as a member of the Executive Board of Schaeffler AG as of January 1, 2017.
Matthias Zink will succeed Norbert Indlekofer (58), whose contract was not extended at his own request. Norbert Indlekofer will leave the company on December 31, 2016 and will continue to perform his role as Co-CEO of the Automotive division until that time.
The Supervisory Board has also decided to extend the contract of Prof. Dr. Peter Pleus (61), also Co-CEO of the Automotive division, for an additional two years until December 31, 2018.
With regard to these changes, Georg F. W. Schaeffler, chairman of the Supervisory Board of Schaeffler AG said: "We are delighted to have appointed Matthias Zink, a top talent from the Schaeffler Group, to the Executive Board of Schaeffler AG. This is an important signal. At the same time the agreed succession model ensures continuity. Mr. Indlekofer will continue to carry out his duties in his usual energetic manner until the end of the year."
The Schaeffler Group is a leading global integrated automotive and industrial supplier. The company stands for the highest quality, outstanding technology, and strong innovative ability. The Schaeffler Group makes a key contribution to "Mobility for tomorrow" with high-precision components and systems in engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The company generated sales of approximately EUR 12.1 billion in 2014. With around 84,000 employees, Schaeffler is one of the world's largest technology companies in family ownership and, with approximately 170 locations in 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies.