Stefan Asenkerschbaumer (Bosch)

Volkmar Denner is breaking with tradition: The chairman of the Bosch Group’s board of management will not be heading the supervisory board when he hands over to his successor Stefan Hartung at the end of the year. Instead, chief financial officer Stefan Asenkerschbaumer will replace the current chairman of the supervisory board, Franz Fehrenbach (71), the company announced. The 65-year-old Stefan Asenkerschbaumer started as a trainee at Bosch in 1987, has been chief financial officer since 2010 and is considered a confidant of Denner. With his appointment as head of the supervisory board, Asenkerschbaumer, who holds a degree in economics and business administration, will also become a personally liable partner and chairman of the shareholders’ meeting.

Veit replaces Malchow, Denner becomes member of the advisory board

In addition, the former chairman of the Festo board of management, Eberhard Veit, joins the supervisory board. He replaces the former Bosch director of labor Wolfgang Malchow. Veit is a member of several supervisory boards, including Carl Zeiss AG. The outgoing chairman of the board, Volkmar Denner, had held the post since July 1, 2012, and attracted attention not least for his corporate governance reforms. In 2015, for example, he was one of the first top managers to abolish individual bonuses. In the future, he will devote himself to research in the field of quantum technology as “Scientific Advisor to the Bosch Group.” Franz Fehrenbach, on the other hand, is retiring after 47 years with the company.