Robert Bosch GmbH said Chief Executive Volkmar Denner would step down at the end of the year (2021) after about 10 years at the helm to focus on research, and would be succeeded by the head of the automotive parts business unit, Stefan Hartung.
Worlds Largerst Automotive Supplier!
Unlisted Bosch, the world’s largest automotive supplier, added that Chairman Franz Fehrenbach would also retire at the end of the year, and would be replaced by finance chief Stefan Asenkerschbaumer.
Bosch, with almost 400,000 staff and 72 billion euros ($85.4 billion) in sales last year, said the moves were part of a generational change that was planned well in advance.
At Bosch, Denner has been overseeing a transition to electric vehicles and the advent of internet-of-things technology in manufacturing.
A Brief Bio of Robert Bosch
Robert Bosch was a political thinker prone to outbursts of emotion, a visionary, and a circumspect father figure. The company and the Robert Bosch Stiftung bear his mark to this day.
In his will, Robert Bosch stipulated that the company was to be carried on after his death in a manner reflective of his wishes. The will paved the way for today’s corporate constitution. This constitution is based on the founder’s wishes that the company should secure its lasting entrepreneurial freedom, retain links to the Bosch family, and use its dividends to support charitable and social causes.
Bosch Legacy
On his 80th birthday, Robert Bosch announced his wishes for the time after his death: “I ask you to share this spirit of dedication to our common cause […] and to continue in this spirit, for the sake of each and every associate, and for the sake of the company that, as my life’s work, is so close to my heart.”
In his will, Robert Bosch left precise instructions on how he wanted the company to be run after his death. The will paved the way for today’s corporate constitution, based on the founder’s wishes that the company should secure its lasting entrepreneurial freedom, retain links to the Bosch family, and use its dividends to support charitable and social causes.
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