Technology conglomerate Bosch has unexpectedly announced that Stefan Hartung will step down as chairman of the management board at his own request on June 30. Christian Fischer, the current deputy CEO, will succeed Hartung.
According to the company, the change is taking place in agreement with shareholders and the supervisory board. Hartung’s contract was only extended last fall, reportedly until 2031. The manager had been at the helm of the company since the beginning of 2022.
Bosch has recently been in a deep crisis: the world’s largest automotive supplier is struggling with weak demand, high costs, and extensive job cuts. Last year, the group posted its first after-tax loss since 2009, while revenue rose only slightly to 91 billion euros. Particularly in its core business, Bosch suffered from the sluggish transition to electromobility and the weak development of the auto industry.
In the supplier division especially, Bosch plans to cut up to 22,000 jobs in the coming years.
Source: www.zeit.de
