On December 15, the Supervisory Board of the Schaeffler Group met and announced the extension of the term of Chief Executive Officer Klaus Rosenfeld for five years.

Klaus Rosenfeld

Klaus Rosenfeld joined the Schaeffler Group as Chief Financial Officer in March 2009, assumed the role of interim CEO in October 2013, and was officially appointed CEO of the Schaeffler Group the following June. Under the leadership of Klaus Rosenfeld, the Schaeffler Group went public in October 2015 and launched the Group’s Strategic Plan 2025 in 2020, laying a solid foundation for Schaeffler to become a leading technology company focused on driving technologies.

On November 15, 2023, Schaeffler Group issued a merger offer to publicly purchase all outstanding shares of Pai Technology. The merger offer is the first of three steps to be completed, with a view to eventually integrating Peipai into the Schaeffler Group, with the aim of building the company into a leading technology company focused on driving technology. The combined company will establish four business units, including the combined Electric Drive business unit with high growth potential, aiming to achieve leadership in the corresponding business markets.

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Klaus Rosenfeld insists on both inheritance and development. Over the past decade, he has successfully steered the company through difficult times, launched Strategy 2025, and mapped out the company’s future. With the launch of the merger plan with Peipai Technology, he led the company to take another step of strategic transformation and develop into a leading technology company focused on driving technology.

We are very pleased that Mr. Rosenfeld will continue as CEO of the Schaeffler Group and move forward with the planned merger with Copal. I look forward to continuing to work with Mr. Rosenfeld and, on behalf of the entire Supervisory Board, wish him great success in his future endeavors.

– Schaeffler Group family shareholder and Chairman of the Supervisory Board

George F.W. Schaeffler