Stefan Wolf (61) is stepping down as CEO of ElringKlinger on June 30. The automotive supplier, which is known for lightweight construction, drive concepts and sealing technology, among other things, surprised with a corresponding ad hoc announcement on Thursday afternoon. Wolf had held the CEO post for 17 years, and the lawyer worked for ElringKlinger for a total of 26 years.
Last year, Wolf extended his contract until 2027. Why he is going anyway remains unclear in the few lines from the company about the departure.
An investigation against Wolf, which the public prosecutor’s office in Tübingen initiated in November 2022, is said to have played no role in the decision. Wolf is accused of not paying dues for a housekeeper for years. The company said it was a “private matter”.
CFO Thomas Jessulat (53) is stepping in as interim boss at ElringKlinger, and the search for a permanent solution is underway. Chairman of the Supervisory Board Klaus Eberhart (75) thanked Wolf in a brief statement for his “successful and long-term work”. Wolf has his merits in particular “in the development and expansion of the areas of fuel cells and battery technology”.
Since 2020, Stefan Wolf has also been one of the most influential German industry lobbyists as President of the Gesamtmetall employers’ association. The association said on Thursday that Wolf had been unanimously confirmed in office for another two years in the summer of 2022. This initially also applies after his departure from ElringKlinger. In his function, Wolf had recently warned several times of a wave of insolvencies among German automotive suppliers. He is particularly critical of Europe’s planned exit from the combustion engine business.
Cash flow is melting away
At ElringKlinger, Wolf was able to present record sales of almost 1.8 billion euros for 2022 at the end of March. The bottom line is that the supplier made a loss of 42.2 million euros. Operating free cash flow melted from 72 million euros in 2021 to 14.8 million euros. “Geopolitical conflicts, rising inflation rates and high commodity and energy prices marked the past financial year,” Wolf commented on the balance sheet. For 2023 he expects further revenue growth and an adjusted EBIT margin of around 5 percent.
ElringKlinger has its headquarters in Dettingen an der Erms and employs around 9,500 people at over 50 locations worldwide. The heirs of the Lechler families hold the majority of the company shares with 52 percent.