FRANKFURT (Reuters) -German automotive supplier ZF Friedrichshafen will replace Chief Executive Holger Klein at the end of the month after he decided to step down early by mutual agreement, the company said on Thursday.
ZF, which is undergoing a restructuring that includes shedding thousands of jobs in response to the sluggish car industry, said that Klein’s role would be taken over by the head of its electric drive division, Mathias Miedreich.
Klein, who has been CEO since 2023, said it was important to hand over the reins now so that the company could quickly reach decisions with employee representatives about its future.
ZF, which helps automakers develop gearboxes and hybrid drivetrains, said in July that it has cut 11,200 full-time positions since the beginning of 2024, and a further 4,700 people have signed partial retirement agreements or will enter regular retirement.
The CEO of ZF’s commercial vehicle division, Peter Laier, is also leaving the company at the end of September, said ZF, citing “differing views on the future strategic direction.”
(Reporting by Ilona Wissenbach, writing by Miranda Murray, editing by Thomas Seythal)
