ZF Names Former Audi Chief Paefgen as Chairman
Electronics and powertrain supplier ZF Friedrichshafen AG has named Franz-Josef Paefgen as chairman of its supervisory board, effective at year-end.
The 71-year-old Paefgen has been a member of ZF’s supervisory board since 2008. He succeeds Giorgio Behr, who resigned last week after losing a power struggle over strategy. Last week Handelsblatt said Behr quit after the privately held company’s owners blocked a plan to buy Wabco Holdings Inc., a U.S. supplier of electronics for heavy-duty trucks.
Paefgen says his role will be to continue ZF’s “long-term strategy to address the challenges of the automotive industry.”
An engineer by training, Paefgen has had an illustrious career in the auto industry. His previous assignments include chairman of Audi AG’s management board, head of Volkswagen corporate research and motorsports, and president of Bugatti Automobiles. His other board memberships have included Mahle, ThyssenKrupp Technologies and Valmet Automotive.
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