ZF has appointed Rolf Breidenbach as its new chairman, following the early departure of Heinrich Hiesinger, the company announced on Wednesday. Breidenbach, the former chief executive of automotive supplier Hella, takes over at a time when ZF is undergoing significant structural changes.
Hiesinger, who had been in the role for three years, was originally contracted until 2028 but chose to step down early. “After careful consideration and in close consultation, the two ZF shareholders, the Zeppelin and Ulderup Foundation, have accepted the offer,” said Simon BlĆ¼mcke, Mayor of Friedrichshafen and chairman of the Zeppelin Foundation, which holds a majority stake in ZF. “We are very grateful to Dr. Hiesinger for the opportunity to hand over the leadership of the supervisory board at an early stage.”
See also: ZF Secures Nationwide Approval for Level 4 Autonomous Driving Tests in Germany
ZF is in the midst of major restructuring efforts, including a potential spin-off of its ‘Electrified Powertrain Technologies’ division, which oversees electric and hybrid drivetrain development. Last summer, the company announced plans to cut up to 14,000 jobs in Germany. It is also searching for strategic partners for several divisions while managing significant debt.
Breidenbach, 62, has been a member of ZF’s board since 2023, giving him insight into the company’s challenges. His appointment, however, has raised questions due to his past experience at consultancy firm McKinsey, which is currently advising ZF on a billion-euro cost-saving initiative. Other key ZF executives, including CEO Holger Klein and head of strategy Graciana Petersen, also have McKinsey backgrounds.
See also: ZF Reportedly Considering Spin-Off of Electrified Drive Division Amid Financial Struggles
Ingrid JƤgering, currently responsible for finance and IT at Stihl Group, is set to join the board as Hiesingerās replacement at the next annual general meeting.