Schaeffler establishes team for the future

HERZOGENAURACH, Germany, March 6, 2019 /PRNewswire/ -- Based on the decisions of the Supervisory Board of Schaeffler AG on March 1, 2019, the Schaeffler AG Executive Board took the following personnel decisions for the Executive Board of the Schaeffler Group as described below. As to date, the Executive Board will consist of eight Managing Directors and four Regional CEOs. The team will become younger and more international. The members are almost exclusively leaders with many years of experience within the Schaeffler Group.

After the Supervisory Board of Schaeffler AG appointed Uwe Wagner as successor to Professor Dr.-Ing. Peter Gutzmer on March 1, 2019, and at the same time extended the contract of Matthias Zink, CEO of the Automotive OEM division, by a further five years, the next step was to appoint new Regional CEOs for the regions Americas and Asia/Pacific. In the course of the year 2019, they will take on their new roles and join the Executive Board of the Schaeffler Group.

On October 1, 2019, Marc McGrath (52) will assume the role of CEO for the Americas region from Bruce Warmbold (63), who will retire at the end of the year. Mr. McGrath began his career at Schaeffler in 1988 as a student. He is a graduate of mechanical engineering and held various management positions at Schaeffler. Since 2016 he is leading Automotive in the region Americas.

In future, the Asia/Pacific region will be led by Dharmesh Arora (51). He is CEO of Schaeffler India Ltd. today, the only listed subsidiary in the Schaeffler Group and leads the important sub region. He joined Schaeffler in 2012 and has made a significant contribution to strengthening Schaeffler's position in India.

Mr. Arora previously held management positions in India, Thailand, and the USA. On October 1, 2019, he will succeed Helmut Bode (65).

Commenting on the reorientation of the Executive Board team, Klaus Rosenfeld, Chief Executive Officer of Schaeffler AG, said: "With the personnel changes announced today, the team for the future is complete. It is younger, even more international, and is essentially recruited from within its own ranks. In the face of the impending transformation, there is nothing more important than a strong team at the top, which stands together well. We are taking steps to successfully lead the Schaeffler Group into the future as a global automotive and industrial supplier."

About Schaeffler
The Schaeffler Group is a global automotive and industrial supplier. By delivering 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 Schaeffler Group is already shaping "Mobility for tomorrow" to a significant degree. The technology company generated sales of approximately 14.2 billion Euros in 2018. With around 92,500 employees, Schaeffler is one of the world's largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies. With more than 2,400 patent registrations in 2018, Schaeffler is Germany's second most innovative company according to the DPMA (German Patent and Trademark Office).

SOURCE Schaeffler