Bosch CEO Volkmar Denner to Step Down & Become Adviser Focused on Quantum Technology
(Bloomberg) Robert Bosch GmbH Chief Executive Officer Volkmar Denner is relinquishing the CEO position at the turn of the year and will become a scientific adviser focused on the company’s research into quantum technology, Bosch said Thursday in an emailed statement.
Denner transformed Bosch’s sprawling operations to focus on technology for the so-called Internet of things that connects products from car parts to refrigerators and power.
The CEO changeover and additional management appointments take effect on January 1, 2022. Denner will hand over the reins to automotive unit head Stefan Hartung at the end of the year after running the German engineering giant for almost a decade. Denner navigated the world’s largest maker of vehicle components through the fallout of Volkswagen AG’s diesel-emissions scandal and the dramatic industry slump triggered by the Covid-19 pandemic.
(Additional from Reuters) Unlisted Bosch, the world’s largest automotive supplier, added that Chairman Franz Fehrenbach would also retire at the end of the year, and would be replaced by finance chief Stefan Asenkerschbaumer
Bosch, with almost 400,000 staff and 72 billion euros ($85.4 billion) in sales last year, said the moves were part of a generational change that was planned well in advance.