Auto part maker Schaeffler announces new CFO ahead of planned merger (updated)

Schaeffler AG

27/09/2024 13:06

(Adds context on merger)
       Sept 27 (Reuters) - German car part maker Schaeffler
 SHA_p.DE  on Friday announced the appointment of Christophe
Hannequin as its new Chief Financial Officer.
   Current CFO Claus Bauer will remain in his role until August
31, 2025 with Hannequin assuming the role latest by October 1
next year, the company said. 
    Hannequin is currently CFO of the British JCB Group. 
    Schaeffler also named Thomas Stierle from Vitesco
Technologies  VTSCn.DE  as head of its new E-Mobility division.
    This comes ahead of Schaeffler's planned merger with Vitesco
Technologies on October 1. 
        On Thursday, CEO Klaus Rosenfeld told German media that
Schaeffler will implement 
    job cuts
     after the merger.
  
        The two companies agreed to the takeover last November,
with Schaeffler aiming to increase its focus on electric vehicle
parts.
  
 

 (Reporting by Marleen Kaesebier; editing by Matthias Williams)
 ((Marleen.Kaesebier@thomsonreuters.com;))