In turbulent times: Bosch boss Hartung’s contract extended

The technology group Bosch continues to rely on Stefan Hartung at the top. A company spokesman in Gerlingen near Stuttgart said the contract with the chairman of the management board was extended as usual some time ago. No details were given. The “Handelsblatt” first reported on it. According to the report, the contract was extended by five years. Then it would run until 2031.

The extension strengthens the Dortmund native’s back in turbulent times. Bosch plans to cut around 22,000 jobs in Germany by 2030 in the mobility division alone. In addition, there are 2,400 jobs in the BSH household appliances division and the closure of power tool production in Leinfelden. One in five jobs at Bosch in Germany is up for grabs.

The former McKinsey manager has led the foundation group for almost four years. This means that the 59-year-old, who has a doctorate in mechanical engineering, has the option of leading the Bosch Group for a decade, like his three predecessors Volkmar Denner, Franz Fehrenbach and Hermann Scholl. Hartung is only the seventh boss after founder Robert Bosch in the 139-year history of the company, which produces industrial and building technology in addition to car parts, semiconductors, household appliances and power tools.

Growth expected in the supply sector

Despite the crisis in the automotive industry, Bosch is expecting slight growth again in its supplier area this year. The increase in sales is expected to be almost two percent, the company said at the IAA Mobility motor show in Munich. The company is growing despite stagnating global vehicle production, weak demand and delays in electromobility and automated driving.

Last year, sales in the supply division fell by 0.7 percent to 55.8 billion euros. The largest Bosch division accounts for more than 60 percent of total sales of over 90 billion euros.