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Change of leadership at Schaeffler

Dr. Juergen M. Geissinger leaves the company / Klaus Rosenfeld takes over as acting CEO

(PresseBox) (Herzogenaurach, ) At its meeting today, the Supervisory Board of Schaeffler AG decided on a change of leadership. CEO Dr. Juergen M. Geissinger will leave the company by mutual consent with immediate effect. Until the appointment of a successor, CFO Klaus Rosenfeld will take over as acting CEO, in addition to his current tasks.

Georg F. W. Schaeffler, Chairman of the Supervisory Board of Schaeffler AG, said: "With today's change of leadership we have paved the way for the future reorienta-tion of Schaeffler Group and its leadership. We will continue on our path of growth, supported by the necessary investments. Technological leadership, innovation, quality and continuity remain the cornerstones of our strategy. We thank Dr. Geissinger for his work and contribution to the success of our company and wish him all the best for the future."

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Schaeffler AG

Schaeffler with its product brands INA, LuK and FAG is a leading provider of rolling bearing and plain bearing solutions and of linear and direct drive technology, as well as a renowned supplier to the automotive industry of high-precision products and systems for engines, transmissions, and chassis applications. The group of companies with operations around the world generated sales of approximately €11.1 billion in 2012. With more than 76,000 employees worldwide, Schaeffler is one of the largest German and European industrial companies in family ownership. With 180 locations in over 50 countries, Schaeffler has a worldwide network of manufacturing locations, research and development facilities, distribution companies, engineering offices, and training centers.