The departure of ZF CEO Stefan Sommer shows that politics and entrepreneurism rarely are a good match. Sommer turned ZF into the world's second-largest supplier but his global expansion ambitions were considered "reckless" by the head of the foundation that owns the supplier.
ZF said CEO Stefan Sommer is leaving the company. Sommer's departure likely signals the end of an expansion strategy that drove the German supplier's $12.4 billion acquisition of TRW Automotive, creating the industry's second-largest partsmaker.
ZF has spent the year aggressively building up expertise and partnerships to help it capitalize on the move toward autonomous driving. Board member Peter Lake explained to Automotive News Europe how the company has been progressing.
Nvidia, ZF and Deutsche Post DHL have partnered to deploy a test fleet of autonomous electric delivery trucks starting in 2018. The trucks will feature ZF's ProAI self-driving system, which based on Nvidia's Drive PX technology.
Torsten Gollewski, ZF's head of advanced engineering and a former Audi manager, is determined to reduce the 1.25 million traffic deaths that occur globally each year. He aims to do this through the company's Zukunft Ventures program, which acquires stakes in small companies that help bolster ZF's expertise in autonomous driving.
Knorr-Bremse has offered concessions in a bid to win EU antitrust approval for its takeover of Haldex as the German supplier continues its pursuit of the Swedish peer despite the lack of Haldex management's support.
Knorr-Bremse will apply for another extension of its takeover offer for Sweden's Haldex after the EU indicated it was likely to launch an in-depth review of the deal. The German supplier acquired 86 percent of shares in Haldex last year after winning a bidding war with rival ZF Friedrichshafen.