• Germany's news in English

Schaeffler group announces new supervisory board

The Local · 17 Sep 2010, 15:55

Published: 17 Sep 2010 15:55 GMT+02:00

Facebook Twitter Google+ reddit

"Following the reorganisation of Schaeffler group's corporate structure in line with capital market practice, the newly created supervisory board of Schaeffler GmbH began work this Friday in Herzogenaurach," southern Germany, a statement said.

"Ten members of the board will represent the capital side, and ten will represent the employees," it added.

Georg Schaeffler was elected president of the board while his mother, Maria-Elisabeth Schaeffler, and Jürgen Wechsler were named as deputy chairpersons.

In February 2009, Schaeffler agreed with the German trade union IG Metall to introduce co-determination for the company to safeguard its future.

Schaeffler is a family-owned group that tried to take over the much bigger Continental before running into financial problems that led to a major financing deal in August 2009 with creditor banks.

Story continues below…

Schaeffler now owns 42.17 percent of the shares in Continental, according to the latter's website.

Shaeffler reported first half 2010 sales of around 4.6 billion euros and a core profit margin of 16 percent, the statement said.


The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

04:59 August 16, 2012 by tumanskaya
Comment removed by The Local for breach of our terms.
07:51 September 5, 2012 by honeybeee
Company¦#39;s CEO, Dr. Juergen M. Geissinger is convinced that only satisfied employees will improve their daily efforts and Prof. Dr.-Ing. Peter Gutzmer is member of the Schaeffler Executive Board too ,he has been named Honorary Professor by the Institute für Technology (KIT) at Karlsruhe in 2011 where he teaches students. Besides his function at Schaeffler he still teaches Automotive Technology at Heilbronn¦#39;s University (FKFS). They are being judged as the company¦#39;s most important assets . They both lead Schaeffler Ag grow bigger and bigger and it is already the biggest auto bearing supplier in germany and even exert huge influence over the whole auto industry worldwide. Employees believe this leader board¦#39;s capability to lead them to have a better future prosperity .
Today's headlines
Outrage over ruling on 'brutal' gang rape of teen girl
The now convicted suspects, sitting in court in Hamburg. Photo: DPA.

A 14-year-old girl was gang-raped and left partially clothed and unconscious in freezing temperatures. Now prosecutors are appealing the sentences for the young men found guilty, most of whom will not set foot in jail.

Dozens of Turkish diplomats apply for asylum in Germany
Demonstrators holding a giant Turkish flag protest against the attempted coup in Istanbul in July. Photo: DPA.

Since the failed putsch attempt in Turkey in July, Germany has received 35 asylum applications from people with Turkish diplomatic passports, the Interior Ministry confirmed on Wednesday.

Hertha Berlin fan club criticised for 'anti-gay banner'
Hertha BSC beat FC Cologne 2-1. Photo: DPA

A 50 metre fan banner apparently mocking the idea of gay adoption has overshadowed Hertha BSC's win in the Bundesliga.

Germany stalls Chinese takeover of tech firm Aixtron
Aixtron headquarters in Herzogenrath. Photo: DPA

The German government on Monday said it had withdrawn approval for a Chinese firm to acquire Aixtron, a supplier to the semiconductor industry, amid growing unease over Chinese investment in German companies.

Politicians call for tough sentences for 'killer clowns'
File photo: DPA.

Now that the so-called 'killer clown' craze has spread from the US to Germany, elected officials are drawing a hard line against such "pranks", with some threatening offenders with jail time of up to a year.

Nearly one in ten Germans are severely disabled
Photo: DPA

New figures reveal that 9.3 percent of the German population last year were considered severely disabled.

The Local List
Germany's top 10 most surreal sites to visit
The Upside-Down House, in Mecklenburg–Western Pomerania. Photo: Olaf Meister / Wikimedia Commons

From upside-down houses on Baltic islands to a fairy-tale castle near the Austrian border, Germany is a treasure trove of the extraordinary.

Bavarian critics back Merkel for Chancellor again
Photo: DPA

The Christian Social Union (CSU) have long delayed backing Angela Merkel as their candidate for Chancellor in next year's general election. But now key leaders are supporting her publicly.

Four taken to hospital after hotel toilet bursts into flames
File photo: DPA.

Four guests at a Nuremberg hotel were taken to hospital due to smoke inhalation early Monday morning after a toilet there burst into flames.

Creepy clown scare spreads to Germany
Two of the clowns were apparently equipped with chainsaws. Photo: Pedro Pardo / AFP file picture

Police said Friday five incidents involving so-called scary clowns had occurred in two north German towns, including one assailant who hit a man with a baseball bat, amid fears that Halloween could spark a rash of similar attacks.

10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
Toytown Germany
Germany's English-speaking crowd