The chairman of the Supervisory Board of ZF Friedrichshafen AG, Dr. Franz-Josef Paefgen, and CEO Dr. Stefan Sommer have agreed to end their cooperation. Dr. Sommer will step down from office with immediate effect.
Until a successor is appointed, Finance Board Member and CEO Deputy Representative, Dr. Konstantin Sauer (58), will assume the role of CEO on an interim basis.
“We would like to thank Dr. Sommer for his long-standing, successful employment in the company. In his five years of service as the head of ZF, Dr. Stefan Sommer has developed the company with tireless commitment and great vision,” said chairman of the ZF supervisory board Dr. Franz-Josef Paefgen, referring to Sommer’s work.
“The supervisory board will shortly name a successor, and until then, CEO Deputy Dr. Konstantin Sauer will assume the position at the head of the company on an interim basis. As member of the Board of Management of ZF responsible for Finance, IT and M&A activities, he will guarantee the stability of the company and has our complete trust.”