Ten members to represent employees, ten to represent the capital side
Georg F.W. Schaeffler elected as Chairman of Supervisory Board
Schaeffler Group has positive outlook for business development
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. Ten members of the Board will represent the capital side (Prof. Dr. Hans-Jörg Bullinger, Dr. Eckhard Cordes, Dr. Hubertus Erlen, Prof. Dr. Bernd Gottschalk, Franz-Josef Kortüm, Dr. Siegfried Luther, Georg F. W. Schaeffler, Maria-Elisabeth Schaeffler, Robin Stalker, Dr. Otto Wiesheu), and ten will represent the employees (Industrial Union of Metalworkers (IG Metall): Jochen Homburg, Wolfgang Müller, Jürgen Wechsler; Company representatives: Norbert Lenhard, Thomas Mölkner, Stefanie Schmidt, Dirk Spindler, Jürgen Stolz, Salvatore Vicari, Jürgen Worrich).
At the inaugural meeting, Georg F.W. Schaeffler was elected to the position of Chairman by both employer and employee representatives. The Members of the Board elected Maria-Elisabeth Schaeffler and Jürgen Wechsler to the position of Deputy Chairperson.
“As Supervisory Board Chairman, I look forward to my new role as the company founded by my family moves towards a successful future. Schaeffler is a global leader in technology, and ideally positioned for the future. A key challenge will be opening up the company to capital markets, whilst retaining the advantage of being a family-run business. We want to preserve and develop the pioneering spirit within Schaeffler’s management structure, which is the key to its success,” said Georg F.W. Schaeffler.
During the inaugural meeting, Schaeffler’s management informed the Supervisory Board about business development of the Schaeffler Group. Furthermore, the executive committee as well as the audit and the mediation committees were elected.
The agenda did not include any decisions regarding Schaeffler’s day to day business. Schaeffler recorded a turnover of around #8364;4.6 billion for the first half-year, and achieved an EBIT margin of 16%. Following positive results in Q2 2010 (#8364;101 million), and positive free cash flow (#8364;336 million), the Group gave an optimistic outlook and forecasts an annual turnover of more than #8364;8 billion for 2010, as well as a double-digit EBIT margin.
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