Bosch picks Hartung as new CEO to tackle industry transformation

Robert Bosch chief executive officer Volkmar Denner will hand over the reins to automotive unit head Stefan Hartung at the end of the year after running the German engineering giant for almost a decade.

Denner, 64, will become a scientific adviser focused on the company’s research into quantum technology, Bosch said Thursday in an emailed statement. The CEO changeover and additional management appointments take effect on January 1, 2022.

Denner navigated the world’s largest maker of vehicle components through the fallout of Volkswagen AG’s diesel-emissions scandal and the dramatic industry slump triggered by the Covid-19 pandemic. He transformed Bosch’s sprawling operations to focus on technology for the so-called Internet of things that connects products from car parts to refrigerators and power tools to the web.

Closely held Bosch is targeting an operating profit margin of around 3 per cent this year, or about 4 per cent adjusted for restructuring costs. It has warned the global shortage of semiconductor components might drag on for months and could pose a risk to earnings. The company opened a EUR1bn ($1.2bn) chip factory in Germany this month to help alleviate supply-chain constraints.

Bosch’s long-time chief financial officer Stefan Asenkerschbaumer will become supervisory board chairman, succeeding Franz Fehrenbach, Denner’s predecessor as CEO. Markus Forschner takes over as new finance chief at the storied manufacturer with roots dating back to 1886.