HERZOGENAURACH, Germany — The Supervisory Board of Schaeffler GmbH, chaired by Georg F.W. Schaeffler, has agreed to transform the company into a stock corporation (Aktiengesellschaft AG). All operating companies of the Schaeffler Group comprise the Schaeffler AG.

The stock corporation is expected to be entered into the commercial register in October. The operations of the Schaeffler Group will be managed by an executive board made up of six executive officers, as required by German corporate law, and another five executives.

Those appointed as executive officers of the stock corporation are:
 
·    Dr. Jürgen M. Geißinger (CEO)
·    Klaus Rosenfeld (CFO)
·    Wolfgang Dangel, head of the Schaeffler Group Asia Pacific (Automotive)
·    Robert Schullan (Industry)
·    Prof. Dr. Peter Gutzmer (Research and Development)
·    Kurt Mirlach (Human Resources and Labor)

The other executives are:

·    Prof. Dr. Peter Pleus (Engine Systems)
·    Norbert Indlekofer (Transmission Systems)
·    Dr. Gerhard Schuff (Purchasing)
·    Rainer Hundsdörfer (Industry)
·    Oliver Jung (Operations worldwide and Development of Production Methods)

“With this step, the Schaeffler Group continues its path toward capital market viability," said Georg F.W. Schaeffler, supervisory board chairperson and shareholder of the Schaeffler Group. "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. 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,” added Maria-Elisabeth Schaeffler, vice supervisory board chairwoman and shareholder of the Schaeffler Group.

The company noted it has “numerous capital market options available,” however, an IPO of the stock corporation is not planned.