Schaeffler Names Rosenfeld Permanent CEO

Schaeffler AG has dropped plans to name Klaus Deller, currently head of brake system supplier Knorr-Bremse AG, as its permanent CEO.

Instead, the company has made Klaus Rosenfeld its permanent CEO. Rosenfeld, who also is chief financial officer, was named interim CEO last October after the company owners Maria-Elisabeth Schaeffler and her son Georg fired Juergen Geissinger from the job.

The Schaefflers didn't explain why they changed their minds about Deller. But they praised the performance of the company's executive board and in a statement said, "We are convinced that continuity is in the interest of our company."