Schaeffler Board Discusses Succession Plan
#Continental #Schaeffler #europe
Schaeffler AG's owners are close to a decision about the company's next leader, according to Manager Magazin.
The German business magazine says Maria-Elisabeth Schaeffler and her son Georg intend to name Klaus Deller a board member of Knorr-Bremse AG, a global maker of braking and chassis management systems for commercial vehicles to succeed CEO Juergen Geissinger.
The two Schaefflers acknowledged in a letter to the bearing company's employees that succession talks are under way but declined further comment. They also denied rumors about a possible reverse takeover of Schaeffler by Conti.
Geissinger, whose contract expires at the end of next year, has led the company since 1998. He has been sharply criticized for leading Schaeffler's hostile takeover bid for Continental AG five years ago. The company nearly collapsed after taking on some €10 billion in debt as it acquired more than 90% of Conti.
Schaeffler has since sold about half its stake in Conti to help reduce its debt. In their letter to employees, the Schaefflers dismiss as "false and without any factual basis" speculation about a reverse takeover of the company by Conti.
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