Klaus Rosenfeld
The Chairman of the Supervisory Board of Schaeffler: “No time to lose.”
Munich Klaus Rosenfeld makes no secret of his impatience. “We have no time to lose. It is time to act, “he wrote Schaeffler– Chairman in a wake up call to his executives. The times are tough “and will probably be even harder.” What is required are “strict cost and capital discipline”.
Well, Rosenfeld is not a very patient person anyway. The 53-year-old had started his career as a banker, then had the finances of the then severely damaged SchaefflerRefinanced and was ultimately also thanks to a successful power struggle from CFO to CEO rose.
But the Herzogenaurach family company is currently under pressure: The auto industry is weakening, Suppliers must cut costs. But at the same time, the transition to the electric age must be made with courageous investments. This is a challenge for the precision mechanics specialist, whose majority business still depends on the internal combustion engine.
Also the board of the sister company Continental In the fall, its top executives had sharply called for increased efforts. From a fire letter at that time was the speech.
But Rosenfeld sees his six-page writing, which also covers many other topics, as part of his open communication with the executives: ‘I communicate regularly and intensively with my senior leadership,’ he told Handelsblatt. Since taking office, he has written 87 such CEO messages. The situation has currently become more difficult for all automotive suppliers. “The times were already much cozier. Now the rain is coming from the beginning. It has to be prioritized correctly. “
Schaeffler’s costs grew faster than revenue in the first quarter. That was not acceptable. Every executive is required to think about where to save. At the same time, further investments will be made in the topics of the future. The “Manager Magazin” had first reported on Rosenfeld’s letter.
Since the IPO Rosenfeld has angered the investors with several profit warnings. However, most of the competitors did not fare better. Schaeffler is still one of the most profitable suppliers. In industrial circles it is emphasized that the mood in the house is combative. There was a recent ovation at an executive meeting in Copenhagen when the best teams were honored. The board is also currently pulling in the same direction.
And that’s how it stands the family continues in loyalty to Rosenfeld, reported from the environment of Schaefflers. The contract was extended anyway in the fall anyway. Last week, Rosenfeld spent three days traveling with his supervisory board chairman Georg Schaeffler in the USA. The two also exchanged regularly otherwise.
Rosenfeld ended his letter to the executives with a slightly adapted quote from Winston Churchill. Success is never final, failure is not an option. What counts is the courage to continue.
More: The automotive supplier Schaeffler is testing four German locations with a total of 600 employees. Works Council and IG Metall announce resistance.
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