FRANKFURT (Bloomberg) -- Schaeffler has appointed auto-parts industry veteran Klaus Deller as its new CEO as the German supplier works to strengthen cooperation with Continental.
Deller, currently the head of commercial-vehicle braking systems at Knorr-Bremse, will become CEO of Schaeffler on July 1, the company said in a statement today.
Deller, 51, succeeds Klaus Rosenfeld, who temporarily took on CEO responsibilities in addition to his chief financial officer post in October after the founding family ousted Juergen Geissinger from the top job.
Schaeffler, jointly owned by Maria-Elisabeth Schaeffler and her son Georg Schaeffler, is still struggling to reduce debt from an attempt spearheaded by Geissinger to buy a limited stake in supplier Continental that backfired amid the global recession of 2008.
"Klaus Deller is an exceptional leader with substantial experience in the automotive supplier industry," Georg Schaeffler said in the statement. "Under his leadership, we will be able to further strengthen our position as the technology leader in automotive and industrial applications."
Deller joined Knorr-Bremse in 2009, prior to that, he held senior positions at automotive suppliers Brose and Robert Bosch.