Herzogenaurach (dpa) - One of the most colorful business personalities in German post-war history is leaving the company. Maria-Elisabeth Schaeffler-Thumann, matriarch of the Franconian automotive and industrial supplier Schaeffler, is retiring from active work on the Supervisory Board at the age of 81. She will only have an honorary role after the Annual General Meeting in April, as the company announced on Friday. Schaeffler-Thumann, who is mentioned in the same breath as female entrepreneurs such as Liz Mohn and Friede Springer, is a symbol of the rise and crises of the supplier empire.

"The last three decades of my life have been characterized by my commitment to the Schaeffler company and the large Schaeffler family. I will remain closely associated with the company as a shareholder in the future and am happy to leave an orderly house to the next generation," said Schaeffler-Thumann.

Katherina Reiche is coming

The Supervisory Board and management paid tribute to the lifetime achievements of the entrepreneur, who was born in Prague and grew up in Vienna. "My mother's tireless commitment through the ups and downs of the company was decisive in making Schaeffler one of the world's leading technology companies today, predominantly in family hands. We owe her an immense amount and wish her all the best," said her son and Chairman of the Supervisory Board Georg F.W. Schaeffler.

Former CDU politician Katherina Reiche is to take her place on the Supervisory Board. She is head of the energy supplier Westenergie and is considered a hydrogen expert. Hydrogen is one of Schaeffler's future fields.

Katherina Reiche, Chairwoman of the Management Board of Westenergie AG, has been put forward as a candidate to succeed her.

© Westenergie AG

Schaeffler-Thumann, who actually wanted to become a doctor, had moved to Franconia from Vienna, where she had studied, after marrying her husband Georg Schaeffler. After the death of her husband in 1996 and their son's move to the USA, the then 55-year-old suddenly found herself alone at the helm of a company with a turnover in the billions.

"Elegant in appearance, with a penchant for perfection, yet unusually strong-willed and determined not to show any weakness, Maria-Elisabeth Schaeffler made it clear from day one that she felt up to the task," author and historian Gregor Schöllgen once wrote.

"In addition to tireless diligence, a brilliant grasp of things and iron discipline, her management qualities include above all the talent to know her own possibilities precisely. As well as their limits," wrote long-time companion Wolfgang Reitzle on his 80th birthday.

CEO Klaus Rosenfeld is also full of praise: "Mrs. Schaeffler-Thumann has played a key role in shaping the Schaeffler Group for 25 years. Under her aegis, the company has continuously expanded its market position, reinvented itself time and again and courageously broken new ground," Rosenfeld once said about the shareholder.

The way out of the financial crisis

Schaeffler-Thumann also stands for a tightrope act that could have ended in one of the most spectacular bankruptcies in Germany. Together with her son Georg, she took over the much larger automotive supplier Continental in 2008. Shortly afterwards, the US investment bank Lehman Brothers went bankrupt. Schaeffler and Conti were jointly dragged into the resulting financial crisis. The German state did not want to step into the breach.

"You can't call for state aid in a mink coat," said the then Minister of Labor and now Chancellor Olaf Scholz. Schaeffler took the path without the state. An unusual pact with trade unions, employees and the banks - some of which were themselves in the throes of the crisis - was intended to pave the way out of the crisis. Schaeffler went public in 2015. At the time of Schaeffler-Thuman's departure, the supplier was in excellent shape - despite far-reaching changes, particularly in the automotive industry.

The matriarch has stayed out of the operational side of things for years. She has not been seen in Herzogenaurach for some time. Schaeffler-Thumann lives in Kitzbühel, Austria, and is widowed after the death of her second husband Jürgen Thumann.