At the Bosch Industrial Group Stuttgart, the world’s largest automobile supplier, great importance is attached to continuity. Changes at the top should be done in an orderly manner. It has happened this time, too – albeit surprisingly, the company announced after a long meeting of the Oversight Board Thursday night.
At the end of the year, Volkmar Diener will step down as president after nearly ten years in office, about six months before his contract expires. In November, the Physician will be 65, which is the Bosch minimum internal age for board members. He will be succeeded by Stefan Hartung, 55, at the helm of the group. The current head of the Mobility Department studied mechanical engineering in Aachen and worked only at Fraunhofer-Gesellschaft and McKinsey management consultancy after completing his Ph.D. He joined Bosch in 2004 and has been managing director since 2013.
Meanwhile, Franz Ferenbach left the Supervisory Board and Robert Bosch Industrietreuhand KG at the end of 2021 after nearly 47 years with the company. The 71-year-old was Diener’s predecessor at the helm and then moved to the top of the supervisory board in 2012. On behalf of the royal family, Christoph Bosch said: “Franz Ferenbach has done an outstanding job for Bosch. Nearly 47 years of service speak of itself”. He accompanied the group with “great experience and insight”.
Surprisingly, Fehrenbach’s successor as chief supervisor will not be Denner, as was expected, but current CFO and Executive Vice President Stefan Asenkerschbaumer, 65. Until now, it has been common at Bosch for the CEO to move to the top of supervision. The Board of Directors, as it was with Ferenbach and his predecessor Hermann Bean Schul. Born in Asenkerschbaumer, he started as a business apprentice at Bosch in 1987 and has served as Chief Financial Officer since 2010.
It seems Diner wanted to define different accents in the future. Bush said in his explanation because his desire is to focus on research again. Diner will post one Scientific advisor Received from Bosch in the field of the future of quantum technology. He will continue to attend the meetings of the powerful Industrietreuhand KG, which consists of the members of the Board of Directors and the Supervisory Board as a guest. 93 percent of the voting rights are accumulated in this company, and the remaining voting rights are held by the Bush family. The group, which recently has a turnover of €71.5 billion and employs nearly 400,000 employees, is a constituent company.
More changes to the executive board are planned: Christian Fischer, 53, who has been a member of management since 2018, will be the new executive vice president. Marcus Forchner, 54, will be the new chief financial officer. In the future there will be only one woman on the board of directors, working director Velez Albrecht. There is also only one actress in Industrietreuhand KG.