ZF Friedrichshafen CEO Stefan Sommer has stepped down from his post, the company announced on Thursday.
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 long-standing, successful employment in the company. In his five years of service as the head of ZF, Dr. Stefan Sommer has developed the company with tireless commitment and great vision,” said Chairman of the ZF supervisory board Dr. Franz-Josef Paefgen.
ZF creates driveline and chassis technology as well as active and passive safety technology. The company has a global workforce of around 137,000 with approximately 230 locations in some 40 countries. In 2016, ZF achieved sales of €35.2 billion.