Schaeffler has appointed Klaus Patzak as a member of the board of managing directors and CFO, effective 1 August, 2020.

Patzak will assume the position of CFO, which includes responsibility for the Finance and IT functions, as the successor to Dietmar Heinrich, who will leave Schaeffler as agreed on 31 July, 2020 in order to pursue new challenges in his career.

"We are delighted to welcome Klaus Patzak, a highly experienced and capable CFO, to Schaeffler," said Schaeffler family shareholder and chairman, Georg Schaeffler.

"Dr Patzak joins the Schaeffler Group at a time that is characterised by major challenges. We are certain his profound expertise will play a significant role in successfully preparing the Schaeffler Group for the future.

"His extensive long-term experience working for major international industrial and technology companies will be a particularly valuable asset to us in this regard."

Schaeffler also expressed his thanks to Dietmar Heinrich: "Dietmar Heinrich has been with the Schaeffler Group for 25 years, during which he has performed outstandingly in many important functions both in Germany and abroad," he added.

"In particular, I want to highlight the fact that he has continued to show great dedication to his duties within the Schaeffler Group during the corona crisis despite his pending departure from the company."