Schaeffler Picks Deller to Become CEO

Schaeffler AG has chosen Klaus Deller, currently head of commercial vehicle braking systems at Knorr-Bremse AG, to become its CEO on July 1.

Deller, 51, will succeed CFO Klaus Rosenfeld, 47, who stepped into the position on an interim basis in October when Juergen Geissinger left after a dispute about the company's direction.

Rosenfeld will remain CFO but add the permanent title of deputy CEO of the family-owned company. He also will join the board of directors of INA-Holding Schaeffler GmbH, which oversees the family's holdings.

Geissinger led Schaeffler's ill-timed attempt to seize a controlling stake in Continental AG in 2008. The effort left the smaller company with more than 90% of Conti's shares but also €12 billion in debt. Schaeffler has since reduced its stake in Conti to 46% and lowered its debt to about €5.7 billion.