The following is a news release from ZF:
(FRIEDRICHSHAFEN, Germany) — The chairman of the supervisory board of ZF Friedrichshafen AG, Dr. Franz-Josef Paefgen, and CEO Dr. Stefan Sommer have agreed to end their cooperation. Sommer will step down from office with immediate effect. Until a successor is appointed, finance board member and CEO deputy representative Dr. Konstantin Sauer will assume the role of CEO on an interim basis.
"We would like to thank Dr. Sommer for his longstanding, successful employment in the company. In his five years of service as the head of ZF, (he) has developed the company with tireless commitment and great vision,” Paefgen said.
"The supervisory board will shortly name a successor," he said. "As member of the board of management of ZF responsible for finance, IT and M&A activities, (Sauer) will guarantee the stability of the company and has our complete trust.”
