FRIEDRICHSHAFEN (dpa-AFX) - The automotive supplier ZF, which is in turmoil, is surprisingly replacing its Supervisory Board Chairman. The former head of the automotive supplier Hella, Rolf Breidenbach, is moving to the top of the supervisory body with immediate effect, as the company announced in Friedrichshafen on Lake Constance. The 62-year-old replaces Heinrich Hiesinger. The 64-year-old held the top position for three years. Breidenbach has been a member of the Supervisory Board since March 2023.
The automotive supplier is 93.8 percent owned by the Zeppelin Foundation, which is managed by the mayor of the city of Friedrichhafen. According to the company, Hiesinger had signaled to the newly elected Lord Mayor Simon Blümcke (non-party) early on that he would not be available for a second term of office after March 2028 due to his personal life plans. It is foreseeable that not all of the key decisions for the future of ZF will have been made by then.
"In order to avoid a change in the chairmanship of the Supervisory Board in the middle of this decisive phase of transformation and to enable a long-term solution now, Hiesinger had offered to make his office and mandate available early."
The company plans to publish its figures for 2024 on Thursday. Recent media reports had caused a stir, according to which the supplier is examining a spin-off of its core "E-Division". The foundation group had denied the sale and stated that it was preparing its drive division for possible partnerships with other companies.
The company is one of the world's largest automotive suppliers with around 169,000 employees. ZF plans to cut up to 14,000 jobs in Germany in the coming years. The automotive industry is in crisis due to the weak economy and is suffering from weak demand - especially for e-cars./ols/DP/nas
