ZF Friedrichshafen has announced changes to its executive board, appointing Sebastian Schmitt to oversee its Electrified Powertrain Technologies business at board level while Chief Technology Officer Peter Holdmann prepares to leave the company.
The management changes come as the German automotive supplier continues implementing a broad restructuring programme aimed at improving profitability amid challenging market conditions.
Sebastian Schmitt Joins Executive Board
Effective 1 September 2026, Schmitt will become a member of ZF’s executive board after approval by the company’s supervisory board.
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The 44-year-old industrial engineer has led the Electrified Powertrain Technologies division since November 2025 and will continue overseeing the business while also assuming responsibility for the company’s operations in North and South America.
His appointment ensures that ZF’s electric powertrain business remains directly represented within the group’s top management as the company continues adapting to changes in the automotive industry.
Peter Holdmann to Leave ZF
Current executive board member Peter Holdmann will leave the company by mutual agreement on 31 August after deciding not to extend his contract for personal reasons.
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During more than 26 years at ZF, Holdmann held several senior leadership positions, including responsibility for the Chassis Solutions division and the role of Chief Technology Officer.
Following his departure, Chief Executive Officer Mathias Miedreich will assume direct responsibility for the Chassis Solutions division as well as the group’s research and development activities.
Restructuring Continues Amid Market Pressure
The executive changes coincide with an extensive restructuring programme as ZF responds to weaker-than-expected demand growth for electric vehicle components and ongoing pricing pressure across the automotive supply chain.
Earlier this year, the company reached agreements with customers to end several electrification projects ahead of schedule after slower market adoption reduced their commercial viability.
ZF reported revenue of €38.8 billion in 2025 but recorded an operating loss of €1.8 billion during the year.
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The restructuring programme has included significant workforce reductions, with approximately 14,000 positions in Germany eliminated, including around 7,600 jobs within the Electrified Powertrain Technologies division.
Supervisory Board Chairman Rolf Breidenbach thanked Holdmann for his contribution to the company.
“The Supervisory Board thanks Dr. Peter Holdmann for his commitment and steady leadership in integrating and developing the Chassis Solutions division.”
Breidenbach also welcomed Schmitt’s appointment, highlighting his experience within the business.
“Sebastian Schmitt knows the Electrified Powertrain Technology division inside out and helped the restructuring produce early results. The priority now is to maintain that progress.”
The management reshuffle comes as ZF continues efforts to streamline operations, strengthen its electric powertrain business and improve competitiveness in an increasingly challenging global automotive market.
