Transformation of Schaeffler GmbH into a stock corporation
Resource from: Schaeffler Group Likes:3043
Sep 27,2011
2011-09-26 SCHAEFFLER GMBH, HERZOGENAURACH
Supervisory Board agrees to transform Schaeffler GmbH into a stock corporation (AG)
Proven team will continue its work under CEO Dr. Jürgen M. Geißinger
Operational management of the Schaeffler Group by an Executive Board made up of six executive officers and five additional executives
Georg F. W. Schaeffler: “This decision ensures personnel continuity with increased capital market viability and allows entrepreneurial flexibility.”
The Supervisory Board of Schaeffler GmbH, chaired by Georg F.W. Schaeffler, has agreed to transform the company into a stock corporation (Aktiengesellschaft, AG). All operating companies of the Schaeffler Group comprise the Schaeffler AG. The stock corporation is expected to be entered into the commercial register in October.
The operations of the Schaeffler Group will be managed by an Executive Board. The Executive Board is made up of six executive officers according to German corporate law and another five executives.
Those appointed as executive officers of the stock corporation are Dr. Jürgen M. Geißinger (CEO), Klaus Rosenfeld (CFO), the present head of the Schaeffler Group Asia Pacific Wolfgang Dangel (Automotive), Robert Schullan (Industry), Prof. Dr. Peter Gutzmer (Research and Development) and Kurt Mirlach (Human Resources and Labour). The other executives are Prof. Dr. Peter Pleus (Engine Systems), Norbert Indlekofer (Transmission Systems), Dr. Gerhard Schuff (Purchasing), Rainer Hundsdörfer (Industry) and Oliver Jung (Operations worldwide and Development of Production Methods). This seasoned team consists of managers with many years of experience that have shaped the company’s successful development over recent years.
“With this step, the Schaeffler Group continues its path towards capital market viability. We now have an even broader set of capital market instruments at our disposal, greater entrepreneurial flexibility and transparency. At the same time, this decision gives the company the opportunity to continue on its long-term course of success based on constant innovation with the proven management team“, said Georg F.W. Schaeffler, Supervisory Board Chairperson and Shareholder of the Schaeffler Group.
“As a value-oriented, family-owned company, we want to keep all our strategic options open in the long term. Capital market viability serves the interests of the entire company and its workforce of more than 70,000 people worldwide. The shareholders will continue to work with passion and commitment on behalf of the company in the future“, said Maria-Elisabeth Schaeffler, Vice Supervisory Board Chairwoman and Shareholder of the Schaeffler Group.
As a stock corporation, Schaeffler will keep striving for success with its proven and experienced operational team. At the same time, the company has numerous capital market options available. An IPO of the stock corporation is not planned.
(Schaeffler Group)
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