Schaeffler to become public company
As a step towards achieving capital market viability, major Continental shareholder Schaeffler is to be transformed into a public company. The decision for the privately-owned Schaeffler GmbH to become Schaeffler AG (Aktiengesellschaft) – an entity similar to a British public limited company – was announced by Supervisory Board chairman F.W. Schaeffler on September 26. The stock corporation is expected to be entered into the commercial register in October and Schaeffler Group operations will henceforth be managed by an Executive Board.
According to German corporate law, six executive officers will sit on the Executive Board, along with a further 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,” stated Schaeffler in a press release.
“With this step, the Schaeffler Group continues its path towards capital market viability,” said Georg F.W. Schaeffler, Supervisory Board chairman and Schaeffler Group shareholder. “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.”
“As a value-oriented, family-owned company, we want to keep all our strategic options open in the long term,” added Maria-Elisabeth Schaeffler, vice Supervisory Board chairwoman and Schaeffler Group shareholder. “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.”
In announcing its new status, Schaeffler says that as a stock corporation it will “keep striving for success with its proven and experienced operational team.” At the same time, the company says it has “numerous capital market options available,” although no plans for an IPO are in place.