ZF Friedrichshafen, Germany’s second-largest automotive supplier, has reshuffled its top management during ongoing restructuring talks, appointing Mathias Miedreich as chief executive while announcing the departures of current CEO Holger Klein and commercial vehicle chief Peter Laier.
The supervisory board said on Friday it had agreed with Klein to end his mandate effective September 30, with Miedreich, head of the group’s Electrified Drive Technologies division, stepping into the role on October 1. Laier, responsible for commercial vehicles, industrial technology and procurement, will also leave the company at the end of the month following what ZF described as “differing views on the future strategic direction.”
The leadership changes come as ZF faces a major restructuring programme that could see up to 14,000 jobs cut worldwide. Negotiations between management and employee representatives on cost-saving measures are ongoing.
Supervisory board chair Rolf Breidenbach said Klein had “laid the foundations for ZF’s turnaround” but added the board was confident Miedreich could build on recent progress. The 49-year-old joined ZF’s board in January after serving as CEO of Belgian materials group Umicore and is credited with accelerating restructuring in the company’s powertrain business.
Klein, who has held various leadership roles at ZF since 2014 and became CEO in January 2023, said it was “the right time to hand over the chairmanship” and highlighted initial successes from the company’s “Strengthening our Strengths” strategy.
The supervisory board must now also appoint successors for Miedreich’s current division and for Laier’s wide-ranging portfolio, with decisions expected “in a timely manner,” the company said.
ZF, headquartered in Friedrichshafen on Lake Constance, supplies driveline and chassis systems to major automakers worldwide and is working to adapt its business as the industry shifts to electrification and digitalisation.