[Stay on top of transportation news: Get TTNews in your inbox.]
Bosch CEO Stefan Hartung to Step Down July 1
Deputy CEO Christian Fischer Will Replace Him as Supplier Faces Auto Industry Downturn
Key Takeaways:
- Robert Bosch CEO Stefan Hartung will step down July 1, with Deputy CEO Christian Fischer replacing him.
- Bosch said Hartung requested to leave as the supplier faces EV demand uncertainty, China competition, tariffs and planned cuts of 18,500 jobs.
- Chief Financial Officer Markus Forschner and mobility head Markus Heyn will become co-deputy CEOs as Fischer takes over Bosch’s leadership.
Robert Bosch GmbH CEO Stefan Hartung is stepping down after leading a push to cut thousands of jobs and make the world’s biggest automotive supplier more competitive.
The 60-year-old requested to leave to pursue “new social commitments and entrepreneurial tasks,” Bosch said June 26. Deputy CEO Christian Fischer, 58, will replace him July 1.
Hartung has led the closely held maker of drivetrain components, power tools and air conditioning units since 2022, after rising through its ranks. Chief Financial Officer Markus Forschner and mobility unit head Markus Heyn will become the new co-deputy CEOs. Hartung’s departure followed close consultation with the company, Bosch said.
Bosch, which employs more than 400,000 people and last year generated 91 billion euros ($104 billion) in revenue, has been hit hard by the automotive industry’s downturn. Global demand for electric vehicles has been uneven, prompting Bosch’s automaking customers to walk back some of their EV ambitions. Nimble new competitors in China are also beating large parts of the incumbent industry on costs.
Bosch has been leading the response to tougher conditions, detailing plans to eliminate a total of 18,500 positions. The cuts, including 13,000 reductions announced in September affecting its mobility unit, served as a wake-up call to the industry’s strife. Its peers, Aumovio SE and ZF Friedrichshafen AG, are also reducing staff.
Since then, the challenges have only grown. U.S. tariffs, a demand downturn in China and the Middle East conflict are weighing on margins, triggering renewed efforts to bring down costs.
Fischer, who has a PhD in economics, became Bosch’s deputy CEO in 2022. He’s been responsible for the group’s strategic growth initiatives and portfolio management as well as the consumer goods business. He started his career as a business trainee with Bosch, then worked as a consultant for Roland Berger in Berlin and Stuttgart.
Hartung, a former McKinsey manager, has other interests. Earlier this year, he joined Henkel AG’s shareholder committee, a body that advises the German company’s top management. In October, Bosch extended his CEO contract for another five years.
Earlier June 26, Manager Magazin reported plans by Volkswagen AG to double job cuts to as many as 100,000 and renew a push to close four plants in Germany. BMW AG, previously more resilient, last week drastically dialed back profit expectations for the year.
