Generational change at technology group Bosch: CEO Volkmar Denner is stepping down from his position shortly after his 65th birthday at the end of the year and handing over the reins to Stefan Hartung, currently head of the important automotive division. As the company announced on Thursday in Gerlingen near Stuttgart, Supervisory Board Chairman Franz Fehrenbach is also stepping down at the end of the year. Contrary to previous custom and the expectations of many observers, however, his successor will not be Denner, but the current Head of Finance, Stefan Asenkerschbaumer.

Born in Dortmund, Hartung studied mechanical engineering in Aachen, worked at Fraunhofer and McKinsey and has been a member of the Bosch Board of Management since 2013. Since 2019, the 55-year-old Dr.-Ing. has been in charge of the Automotive division, which contributes more than half of the Group's sales of 72 billion. Markus Heyn will take over responsibility for this division, which generated sales of 42 billion euros last year. Christian Fischer will become Deputy Chairman of the Management Board and Markus Forschner will be the new Chief Financial Officer.

Volkmar Denner will step down as Chairman of the Board of Management at the end of the year after almost ten years and become Scientific Advisor to the Bosch Group in the field of quantum technology research. "I want to devote more time to this passion for pushing the boundaries of what is possible. I made this decision many years ago and already informed the owner family and the Chairman of the Supervisory Board, who respect my decision," said the doctor of physics.

Denner drove AI forward

Dr. rer. nat. Volkmar Denner hands over the management of Bosch after almost 10 years.

© Bosch

As CEO, Denner brought the unsuccessful solar energy chapter to an end, drove forward networking and artificial intelligence within the Group and has just opened a semiconductor factory in Dresden together with German Chancellor Angela Merkel and EU Commissioner Margarethe Vestager - the largest investment in the company's history at one billion euros. "The Supervisory Board owes Volkmar Denner a great debt of gratitude for his economically successful and technologically visionary leadership of the company," said Fehrenbach. He had set the course in terms of sustainability and made the Group fit for the digital future.

Fehrenbach, who has been Chairman of the Management Board and Supervisory Board for many years, will turn 72 in July. Speaking on behalf of the owner family, Christof Bosch said, "He has rendered great service to Bosch. Almost 47 years with the company speak for themselves".

In addition to components for the automotive industry, Bosch also manufactures washing machines, refrigerators, power tools, industrial and building technology and generated sales of 72 billion euros last year with 400,000 associates. The company is owned by the non-profit Robert Bosch Foundation.