The power struggle that emerged last week between family-owned Schaeffler and recently acquired rival Continental has ended as Maria-Elisabeth Schaeffler (pictured) and her son gain seats on the board.
Schaeffler had reportedly been unhappy with Continental's supervisory board chairman Hubertus von Grünberg. He has now stepped down from his position, although he will retain a seat on the supervisory board, and put in charge of a newly created business unit for rubber.
At a meeting over the weekend, Schaeffler and Continental agreed the aim of the two companies is to create a second global champion in the automotive supplier business, with a home base in Germany.
Schaeffler will receive four seats on the supervisory board and has proposed Maria-Elisabeth Schaeffler, her son Georg Schaeffler, Schaeffler CEO Jürgen M Geissinger and corporate lawyer Rolf Koerfer as their candidates. Koerfer is also its preferred choice to replace von Grünberg.
Maria-Elisabeth, wife of one of Schaeffler's founders, has so far kept out of the public spotlight while the takeover has gone through. However, she made a brief comment on the latest developments in a statement released by Schaeffler.
"I am very happy that that what belongs together can now grow together," she said. "It is my strong conviction that Schaeffler and Continental will be able to master the current economic challenges together and have a promising future."
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