German tier 1 supplier ZF has announced that Dr. Holger Klein, Member of the Board of Management responsible for the Asia-Pacific region, Car Chassis Technology Division, Aftermarket and Production, will succeed Wolf-Henning Scheider as Chairman and CEO of ZF Friedrichshafen at the turn of the year 2022/2023.
Simultaneously, Dr. Peter Laier will join the Board of Management to lead the Commercial Vehicle Solutions (CVS) and Industrial Technology divisions succeeding Wilhelm Rehm. ZF CFO Dr. Konstantin Sauer will leave the company by end-2022 after many years of service. The Supervisory Board will fill the position in the near future.
Dr. Heinrich Hiesinger, Chairman, ZF’s Supervisory Board said, “The almost simultaneous end of three appointments of proven, successful, and highly esteemed board members poses a particular challenge for the company. We are, therefore, very pleased to announce two successors today. The succession process for Dr. Sauer is already in an advanced stage.”
Dr. Klein joined ZF in 2014 as a seasoned international industry expert from McKinsey management consultancy. In 2015, he was instrumental in the integration of US-based TRW Automotive post-acquisition, which he completed earlier than planned. In early 2017, he was appointed Head of the Car Chassis Technology Division and realigned its product range with ZF’s ‘Next Generation Mobility’ strategy. He has served as a member of the ZF Board of Management since 2018 and heads the Asia-Pacific and India regions from Shanghai.
In addition, he manages the business of the Passenger Car Chassis Technology and Aftermarket divisions and is responsible for ZF’s worldwide production. Under his leadership, ZF says the company has won traditional and new automotive OEMs in Asia as customers of ZF’s strategic and future-oriented products. In addition, he succeeded in positioning ZF increasingly as a systems provider. Dr. Klein spearheaded the creation of new development centres and production facilities, especially in China, to capitalise on rapid technological change and enable ZF’s business expansion.
Dr. Hiesinger added, “As a board member, Dr. Holger Klein was intimately involved in the strategic planning process for the coming years. Therefore, he will dynamically continue the successful transformation at ZF and add his own impulses.”
As of October 1, 2022, Dr. Klein will initially assume the role of Deputy Chairman of the ZF Board of Management before taking over as Chairman of the Board of Management and CEO on January 1, 2023, from Wolf-Henning Scheider, who will be leaving ZF.
Scheider joined ZF in early 2018 as Chairman of the Board of Management and CEO after serving as Chairman of the Automotive Technology business sector at Robert Bosch, as well as Chairman of the Board and CEO of Mahle Group. Currently, he is also in charge of R&D, as well as sales of ZF Group. Dr. Hiesinger said, “Wolf-Henning Scheider has set the strategic direction for the transformation of the company, achieved significant milestones, and will continue on this path with ZF through the end of the year to enable a transition focused on continuity.”
Andreas Brand, representative of the Zeppelin Foundation of the City of Friedrichshafen, which holds 93.8 per cent of all ZF shares said, “ZF is undergoing an unprecedented, dynamic transformation. The appointment of Dr. Holger Klein as the new Chairman is an excellent and important signal both internally and externally.”
Representing the Dr. Jurgen and Irmgard Ulderup Foundation, which holds a 6.2 per cent stake in ZF, Dr. Joachim Meinecke emphasised: “Dr. Klein possesses the best prerequisites, knows the company, its customers and suppliers, the industry and, above all, the challenges which need to be mastered today and in the future.”
In addition, ZF Deputy Chairman Dr. Konstantin Sauer, responsible for Finance, IT, and Mergers & Acquisitions, will conclude his tenure with ZF at the end of 2022. The industrial engineer and Ph.D. graduate in business administration joined ZF in 1990, took over as President of ZF South America in 2000, and became the Group’s CFO in 2010. “At ZF, Dr. Konstantin Sauer represents stability and smart financial management over many years. As a result, he has laid the foundation for the company’s successful acquisitions, transformation, and new growth. The Supervisory Board will address the succession of Dr. Sauer in the near future. During this difficult year, he agreed to stay through the end of the year, contrary to his original plans. I want to extend my heartfelt thanks to him for his continued service,” stressed Dr. Hiesinger.
Board member Wilhelm Rehm will also leave ZF when his contract expires at the end of the year. The mechanical engineering graduate joined ZF in 2003, took over in 2010 as Chairman of the Management Board of the former ZF Passau and became a member of the ZF Executive Board. Wilhelm Rehm has served as a member of the ZF Board of Management since 2012 and leads the Commercial Vehicle Solutions (CVS) and Industrial Technology divisions as well as materials management. “As a long-standing head of ZF’s commercial vehicle division, Wilhelm Rehm played a significant role in the successful integration of Wabco, which was acquired in 2020, and the launch of the CVS division at the beginning of 2022. In addition, he provided important impulses in industrial technology, for example with the establishment of ZF’s successful wind power business. For this and for his contributions to mastering the challenges over the past two years, he is particularly deserving of thanks from the Supervisory Board,” added Dr. Hiesinger.
The Supervisory Board has appointed Dr. Peter Laier to the ZF Board of Management to succeed Wilhelm Rehm and to lead ZF’s Commercial Vehicle Solutions and Industrial Technology divisions. He holds a Ph.D. in engineering and held various executive roles at well-known industrial companies such as Continental and Benteler before joining Knorr-Bremse in 2016, where he led the commercial vehicle division until 2021.
“Dr. Peter Laier brings many years of industry experience, expertise in the automotive supply industry, and a global commercial vehicle company,” concluded Dr. Hiesinger. From January 1, 2023, Dr. Laier will lead the business of the Commercial Vehicle Solutions Division of ZF, as a member of the ZF Board of Management.
