Bosch has announced that Chief Executive Officer Stefan Hartung will step down on June 30, despite receiving a contract extension through 2031 last year.
The company said the leadership change comes at Hartung’s own request and was agreed in consultation with the company’s shareholders. Christian Fischer, currently Deputy Chairman of the Board of Management, will succeed him as CEO.
Leadership Transition
Hartung joined Bosch in 2003 after beginning his career at McKinsey and has served as chief executive for the past four and a half years.
In a company statement, Hartung said he plans to pursue activities outside the Bosch Group.
“I intend to dedicate my time to new social commitments and entrepreneurial tasks outside the Bosch Group.”
Fischer joined Bosch’s management board in 2018 after previously working at Roland Berger. Since January 2022, he has shared responsibility for the company’s corporate strategy alongside Hartung.
Challenging Market Conditions
Fischer assumes leadership as Bosch continues to navigate a challenging business environment.
The company has been affected by the ongoing transition to electric mobility, weaker demand across the automotive sector and softer performance in other business areas, including household appliances, power tools and industrial technology.
Bosch responded by implementing a cost-reduction programme that includes plans to eliminate approximately 22,000 positions in its Mobility division in Germany by 2030.
Strategic Focus
Industry observers have pointed to both external market conditions and strategic investment decisions as factors affecting Bosch’s recent performance.
The company has invested heavily in hydrogen and fuel cell technologies while continuing to adapt its business strategy to changing trends across the automotive and industrial sectors.
Fischer will now oversee Bosch’s next phase as the company continues its transformation amid evolving demand for electric mobility and other emerging technologies.