ERJ staff report (DS)
Herzogenaurach, Germany -- The Supervisory Board of Schaeffler GmbH, chaired by Georg F.W. Schaeffler, has agreed to transform the company into a stock corporation (Aktiengesellschaft, AG). All operating companies of the Schaeffler Group comprise the Schaeffler AG. The stock corporation is expected to be entered into the commercial register in October.
The operations of the Schaeffler Group will be managed by an Executive Board. The Executive Board is made up of six executive officers according to German corporate law and another five executives.
â€œWith this step, the Schaeffler Group continues its path towards capital market viability. We now have an even broader set of capital market instruments at our disposal, greater entrepreneurial flexibility and transparency. At the same time, this decision gives the company the opportunity to continue on its long-term course of success based on constant innovation with the proven management teamâ€œ, said Georg F.W. Schaeffler, Supervisory Board Chairperson and Shareholder of the Schaeffler Group.
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Press release from Schaeffler