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Change at supplier ZF: Holger Klein clears chief position
In the middle of the crisis, the car supplier ZF is faced with a change of management: Holger Klein leaves the group. His successor should continue the austerity course and the restructuring that started.
The car supplier ZF, which is heavily stuck in the crisis, has announced a change at its top. CEO Holger Klein will leave the group at the end of the month, the company, based in Friedrichshafen on Lake Constance. The existing contractual relationship will be dissolved in mutual friendly agreement on September 30th.
Klein’s successor has already been determined and is no stranger to the employees. In the future, Mathias Miedreich, the current head of the ZF drive division “E-Division”, is scheduled to lead the board. The Supervisory Board decided that in an extraordinary meeting.
The division is currently at the center of the restructuring. This area, which not only encompasses electrical, but also hybrid drives and combustion engines, is not competitive in parts and suffers from the paralyzing start-up of e-mobility. Around one fifth ZF employee is working in the division worldwide. Recently there were rumors about plans for a possible sale of the area or that a partner should be brought on board. Until the end of the month, ZF and employee representatives wanted to negotiate the future of the division.
Small goes after more than ten years
Klein had been on various management positions at ZF since 2014 before taking over the chief position in January 2023. Most recently, he had brought the highly indebted group to austerity. The supplier was almost able to reach the self-plugged savings targets of six billion euros for 2024 and 2025, as Klein had only said last Friday of the German Press Agency. “But we clearly see, that’s not enough.”
He was deeply convinced that ZF was on the right track, said Klein according to the announcement. “Now it is important to quickly get implementation decisions together with the employee representatives, because ZF is no longer allowed to lose time.” Therefore, it is the right time for him to hand over the chairmanship now.
“Basis for the turnaround” for the successor
“I thank Dr. Holger Klein for his tireless efforts in over ten years at ZF, but especially for the past almost three years as CEO,” said Supervisory Council leader Rolf Breidenbach. “With his strategy, he has laid the foundations for the ZF gymound and has already achieved important successes with the entire team.” It is now necessary to build on what has been achieved and continue the strategy taken. An internal successor comes with Miedreich who has profound experience in industry.
ZF had a loss of 195 million euros in the first half of the year. ZF is currently suffering – like the competitors Bosch, Continental and Schaeffler – because of the low worldwide vehicle production from the lack of orders from the manufacturers.
In addition to driven, the company also offers steering systems, drives, brakes, safety technology and chassis components. ZF is highly indebted. The net liabilities amounted to around 10.5 billion euros at the end of June. The debts have their origin in the acquisition of the car supplier TRW and the brake specialist Wabco.
dpa
Source: Stern
