On the supervisory board of the car supplier ZF Friedrichshafen there are some Change of personnel. Rolf Breidenbach was elected as the new chairman of the supervisory board in today’s meeting, as the company announced on Wednesday. He replaces Heinrich Hiesinger (64), who withdraws completely from the control committee.
Breidenbach has been on the ZF supervisory board since March 2023 and is considered a connoisseur of the automotive industry. Previously, from 1995 to 2003 he worked at the McKinsey management consultancy and from 2004 to 2022 as the chairman of the management of the car supplier Hella.
His predecessor Hiesinger had been on the ZF Supervisory Board since January 2021 and had taken his chair in early 2022. His term in office should actually continue until March 2028, but he had recently signaled that he would then be available for no second – the reason for this was “his personal life planning”, the message said. Now Hiesinger even made his office and mandate available prematurely to facilitate the long -term course for the future of ZF.
Because of the current crisis from the car supplier, Hiesinger had been controversial for a long time. Some have wanted a “stronger” chairman of the supervisory board for some time, insiders report. They may have found it in Breidenbach. The manager is considered a type with a clear edge in the industry.
Ingrid Jägering should become a new ZF supervisory board
Ingrid Jägering (58) is to take over the seat on the Supervisory Board that has become free due to the withdrawal of Hiesinger, and the personnel will soon be confirmed in a election by the Annual General Meeting. Jägering is currently still working at the Stihl Group as a leader for finance and IT, before that she had among other things Siemens, Man and Leoni worked in managerial functions.
ZF Friedrichshafen has been in a crisis for some time. Last year the company had to reduce its annual forecast twice, for 2024 sales of 40 to 42 billion euros and an adjusted return of 3 to 4 percent are expected. In 2023, the second largest German car supplier still generated 46.6 billion euros in sales and 5.1 percent operational return.
According to a current report by the “Südkurier”, ZF 2024 is said to have written red numbers. In particular, the interest burden is said to have caused a short amount in the high million range. However, this was not confirmed by the company itself.