Robert Bosch CEO Volkmar Denner will hand over the reins to automotive unit head Stefan Hartung on the finish of the yr after operating the German provider for nearly a decade.
Denner, 64, will change into a scientific adviser targeted on the corporate’s analysis into quantum expertise, Bosch stated Thursday in an emailed statement.
The CEO changeover and extra administration appointments take impact on Jan. 1, 2022.
Denner navigated the world’s largest maker of car parts by means of the fallout of Volkswagen’s diesel-emissions scandal and the dramatic business droop triggered by the COVID-19 pandemic.
He reworked Bosch’s sprawling operations to deal with expertise for the so-called Web of issues that connects merchandise from automotive elements to fridges and energy instruments to the net.
Unlisted Bosch is focusing on an working revenue margin of round 3 p.c this yr, or about 4 p.c adjusted for restructuring prices.
It has warned the worldwide scarcity of semiconductor parts would possibly drag on for months and will pose a danger to earnings.
The corporate opened a 1-billion-euro ($1.2 billion) chip manufacturing unit in Germany this month to assist alleviate supply-chain constraints.
Bosch’s long-time Chief Monetary Officer Stefan Asenkerschbaumer will change into supervisory board chairman, succeeding Franz Fehrenbach, Denner’s predecessor as CEO.
Markus Forschner takes over as new finance chief on the storied producer with roots relationship again to 1886.
Bosch, with nearly 400,000 employees and 72 billion euros ($85.4 billion) in gross sales final yr, stated the strikes have been a part of a generational change that was deliberate properly prematurely.
Reuters contributed to this report