Schaeffler AG's Supervisory Board has extended the contract of Sascha Zaps, CEO Bearings & Industrial Solutions, ahead of schedule for an additional five years. The decision, made at its meeting on October 1, 2026, underscores the company's commitment to continuity and the successful further development of its bearing solutions and industrial applications business. Zaps has been a member of the Board of Managing Directors since May 1, 2024, and previously served as Regional CEO Europe and a member of the Executive Board since September 2021.
The early renewal matters because it provides stability in a segment that is critical to Schaeffler's overall portfolio. The industrial business, which includes bearing solutions and products for industrial applications, operates in a challenging environment marked by economic uncertainties and shifting market demands. By securing Zaps' leadership for another five years, Schaeffler aims to maintain strategic direction and build on recent initiatives to steer the division onto a path of sustainable growth.
Georg F. W. Schaeffler, family shareholder and Chairman of the Supervisory Board, highlighted Zaps' contributions: “In recent years, Sascha Zaps has provided important impetus for the further development of our industrial business. With his comprehensive market and technology expertise, as well as his deep understanding of our customers’ needs, he has worked with his leadership team to define measures to steer the division onto a path of sustainable growth in a challenging environment. The Supervisory Board is therefore pleased to continue our successful collaboration with him.” This endorsement reflects confidence in Zaps' ability to navigate the division through market complexities and capitalize on emerging opportunities.
The implications of this extension extend beyond internal leadership. Schaeffler, a global motion technology company with around 110,000 employees and more than 250 locations in 55 countries, relies on its industrial division as a key growth driver. The division's performance affects the company's overall competitiveness and its ability to invest in innovation. With Zaps at the helm for the long term, Schaeffler signals to investors, customers, and employees that it prioritizes consistent leadership to execute its strategy.
Moreover, the extension aligns with Schaeffler's broader focus on electric mobility, CO2-efficient drives, chassis solutions, and renewable energies. The industrial business provides essential components and services that support these areas, and a stable leadership team is crucial for integrating industrial products with the company's evolving technology portfolio. As Schaeffler continues to pioneer motion technology, Zaps' extended tenure ensures that the industrial division remains a reliable partner for customers across various sectors.
For those interested in Schaeffler's leadership structure, photos of the Executive Board members are available at www.schaeffler.com/en/group/executive-board. The original release can be viewed on www.newmediawire.com.
In an era where industrial companies face rapid technological change and geopolitical pressures, Schaeffler's move to lock in proven leadership is a strategic bet on continuity. It allows the division to pursue long-term projects without disruption, fostering innovation and operational efficiency. The extension also reinforces Schaeffler's identity as a family-owned company that values loyalty and sustained performance, which can be a competitive advantage in attracting talent and partners.
While the press release includes forward-looking statements subject to risks, the Supervisory Board's decision reflects a calculated approach to managing those risks. By retaining Zaps, Schaeffler aims to mitigate leadership turnover and ensure that the industrial division remains agile and responsive. As the company continues to drive motion technology forward, this contract extension is a clear statement that it intends to stay the course with a leader who has already demonstrated the ability to deliver results in a demanding environment.
