Schaeffler's supervisory board has reshuffled the executive board to consist of eight managing directors and four regional CEOs who are "younger and more international" though with "many years of experience within the [group]".

The supervisory board named Uwe Wagner as successor to Peter Gutzmer on 1 March 2019 and extended the contract of Matthias Zink, CEO of the Automotive OEM division.

Now come new regional CEOs for the regions Americas and Asia/Pacific who will take up their roles this year and join the executive board.

On 1 October, Marc McGrath (52) will become CEO for the Americas region, replacing Bruce Warmbold (63), who will retire at the end of the year.

McGrath began his career at Schaeffler in 1988 as a student, is a graduate of mechanical engineering and held various management positions. He had headed automotive in the Americas since 2016.

The Asia/Pacific region will be headed by Dharmesh Arora (51), currently CEO of Schaeffler India, the only listed subsidiary in the group. He joined Schaeffler in 2012 and is said to have "made a significant contribution to strengthening Schaeffler's position in India".

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By GlobalData

Arora previously held management positions in India, Thailand, and the US. He succeeds Helmut Bode (65), also on 1 October.

CEO Klaus Rosenfeld said: "With the personnel changes announced today, the team for the future is complete. It is younger, even more international, and is essentially recruited from within its own ranks. In the face of the impending transformation, there is nothing more important than a strong team at the top, which stands together well. We are taking steps to successfully lead the Schaeffler Group into the future as a global automotive and industrial supplier."