The executive board of German bearings manufacturer Schaeffler AG has made appointments based on decisions by the company’s supervisory board on 1st March 2019. The executive board will continue to consist of eight managing directors and the four regional CEOs, but the new appointees will make the team younger and more international. Its members are almost exclusively leaders with many years of experience within the Schaeffler group.
Uwe Wagner was appointed to the executive board as successor to Professor Peter Gutzmer and Matthias Zink, CEO of the Automotive OEM division, had his contract extended by a further five years. In addition, new regional CEOs for the Americas and Asia-Pacific will take on their roles and join the board on 1st October 2019.
Marc McGrath will take over as CEO for the Americas from Bruce Warmbold, who will retire at the end of the year. McGrath began his career at Schaeffler in 1988 as a student. He is a graduate in mechanical engineering and has held various management positions at Schaeffler. Since 2016, he has been leading the Automotive division in the Americas.
The Asia-Pacific region will be led by Dharmesh Arora, currently CEO of Schaeffler India, the only listed subsidiary in the Schaeffler Group, succeeding Helmut Bode. Arora joined Schaeffler in 2012 and has made a significant contribution to strengthening Schaeffler’s position in India. He previously held management positions in India, Thailand and the USA.
Commenting on the appointments, Schaeffler AG CEO Klaus Rosenfeld said: “With the personnel changes announced today, the team for the future is complete. It is younger, even more international, and is essentially recruited from within its own ranks. In the face of the impending transformation, there is nothing more important than a strong team at the top, which stands together well. We are taking steps to successfully lead the Schaeffler Group into the future as a global automotive and industrial supplier.”
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