Schaeffler AG Strengthens Leadership Team to Drive E-Mobility Growth Amid Vitesco Merger

Schaeffler AG Strengthens Leadership Team to Drive E-Mobility Growth Amid Vitesco Merger

(IN BRIEF) Schaeffler AG has made strategic appointments to its Executive Board as part of its preparation for a merger with Vitesco Technologies. Thomas Stierle, previously with Vitesco, will lead Schaeffler’s new E-Mobility division starting in October 2024. Dr. Jochen Schröder will become Regional CEO Europe, bringing expertise in automotive electrification. Christophe Hannequin, currently CFO at JCB Group, will step in as Schaeffler’s new Chief Financial Officer by October 2025, succeeding Claus Bauer. These appointments aim to strengthen Schaeffler’s position in the rapidly evolving automotive and e-mobility sectors.

(PRESS RELEASE) HERZOGENAURACH, 28-Sep-2024 — /EuropaWire/ — Schaeffler AG has announced significant changes to its Executive Board, marking a strategic move to align the company with its upcoming merger with Vitesco Technologies. In its recent meeting, the Supervisory Board appointed three new executives to key roles. Thomas Stierle, formerly CEO of Electrification Solutions at Vitesco Technologies, will lead Schaeffler’s new E-Mobility division as CEO, starting October 1, 2024. He brings vast expertise in electrification from his work at Siemens VDO, Continental Automotive, and Vitesco. Dr. Jochen Schröder, who currently heads Schaeffler’s E-Mobility business within Automotive Technologies, will take over as Regional CEO Europe, also effective October 1, 2024. Dr. Schröder has a background in transmission development and powertrain electrification from his time at BMW and Valeo-Siemens eAutomotive. Additionally, Christophe Hannequin, currently Group CFO at JCB Group, will join Schaeffler as Chief Financial Officer by October 2025, succeeding Claus Bauer. Hannequin brings extensive financial experience from roles at Michelin, Plastic Omnium, and Saint Gobain.

Georg F. W. Schaeffler, Chairman of Schaeffler’s Supervisory Board, emphasized that these appointments are pivotal in positioning the company for its merger with Vitesco Technologies and leveraging the opportunities this merger will bring, especially in the e-mobility space. The new leadership team will focus on driving innovation, particularly in electrification and finance, to ensure Schaeffler’s continued growth and success in the evolving automotive sector.

Forward-looking statements and projections
Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.

Schaeffler Group

We pioneer motion The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The Motion Technology Company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 16.3 billion in 2023. With around 84,000 employees, Schaeffler is one of the world’s largest family-owned companies and one of Germany’s most innovative companies.

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SOURCE: Schaeffler AG