ZF Friedrichshafen has named Holger Klein, a present administration board member specializing in China, as its subsequent chairman and CEO, succeeding Wolf-Henning Scheider, who will depart the corporate initially of 2023.
ZF additionally stated that Chief Monetary Officer Konstantin Sauer and Business Automobiles chief Wilhelm Rehn would depart the corporate. These adjustments take efficient on the finish of 2022, the provider stated Friday in a press release.
Scheider, 60, joined ZF in 2018 from Mahle, the place he was chairman and CEO. Earlier than that he was head of the Automotive Expertise enterprise at Robert Bosch. He introduced in March that he could be stepping down on the finish of this yr.
Klein, 52, joined ZF in 2014 from administration consultancy McKinsey. He led the mixing of TRW Automotive after ZF’s controversial buy of the U.S. provider in 2015, and in 2017 grew to become head of the Automobile Chassis Expertise Division.
Klein has been a member of ZF’s administration board since 2018, with present duty for the Asia-Pacific and India areas from his base in Shanghai. He additionally manages Automobile Chassis Expertise, aftermarket and ZF’s worldwide manufacturing.
“As a board member, Dr. Holger Klein was intimately concerned within the strategic planning course of for the approaching years,” Supervisory Board Chairman Heinrich Hiesinger stated in a press release. “He’ll dynamically proceed the profitable transformation at ZF.”
Underneath Klein, ZF gained new prospects amongst established automakers and new entrants in China, ZF stated, and was instrumental in positioning ZF as a methods, relatively than elements, provider.
ZF shouldn’t be publicly traded. The Zeppelin Basis, which is run by town of Friedrichshafen, controls 94 p.c of the corporate’s shares. It ranks third on the Automotive Information Eruope checklist of high 100 world suppliers, with gross sales to automakers of $39.3 billion in 2021.
ZF is forecasting gross sales of 40 billion euros in 2022, with an adjusted EBIT margin of 4.5 to five.5 p.c. Free money circulation is predicted to be 1.5 billion to 2 billion euros.
A substitute has not been named but for Sauer, 62, who joined ZF in 1990 and has been CFO since 2010.
Wilhelm can be changed as head of economic autos by Peter Laier, who till 2021 was head of economic autos at provider Knorr-Bremse.