Schaeffler names Rosenfeld to top job as CEO designate is dropped

Rosenfeld has been given a 5-year contract as CEO by Schaeffler.
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BERLIN (Reuters) -- German supplier Schaeffler has rejected its CEO designate and given the top job to interim chief Klaus Rosenfeld instead, the second change in the company's top management in eight months.

Klaus Deller, a former executive at supplier Knorr-Bremse will not take office as planned on July 1, Schaeffler said on Wednesday, without giving reasons.

The statement confirmed an earlier German media report.

Rosenfeld, 48, Schaeffler's finance chief, has also been acting CEO since October when the company's owners ousted Juergen Geissinger from the top job. Rosenfeld will be appointed as CEO for another five years.

"The executive board has done an exceptional job over the past months," Schaeffler owners Maria-Elisabeth and her son, Georg Schaeffler, said. "We are convinced that continuity is in the interest of our company."

Schaeffler, the biggest shareholder in fellow German supplier Continental, will also extend the contract of technology chief Peter Gutzmer, 60, by five years and appoint him as deputy CEO.

The company, which halved net debt to 5.5 billion euros at the end of March from more than 10 billion euros in 2008 and 2009, last month raised its sales outlook for 2014 due to strong growth at its automotive division.

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