Schaeffler Confirms Hetmann Has Resigned

Schaeffler Group has confirmed that the company’s chief financial officer, Thomas Hetmann, has left due to “differences of opinion regarding the future strategic concept of the Schaeffler Group.” According to an official statement released by the company, Hetmann has left by “mutual agreement” and will be replaced by Mary Jo Gresens, who will act as a consultant. Gresens was previously CFO at the automotive supplier between 1999 and 2006.

Meanwhile, Forbes has reported that Schaeffler is to present a revised restructuring plan to the German government in the next two week. A source “familiar with the matter” told the business magazine that the move, a requirement for receiving state aid, follows a 20 per cent drop in new orders at the company.

Earlier news reports emanating from the Financial Times Deutschland suggested the CFO Hetmann (46) Hetmann was forced out by Schaeffler’s creditor banks. At the time FTD said Hetmman was negotiating the contractual conditions of his departure. However, Schaeffler Group’s statement contradicted the reports saying that while it is working in collaboration with the banks to develop “a viable concept for the common future of Schaeffler and Continental, to the interests of all parties involved,” personnel decisions at Schaeffler Group, were not required by banks and are an internal matter.

Nevertheless, FTD reported that the creditors have formed a crisis task force and have requested that Deloitte produces an independent picture of the company’s financial situation. The newspaper described the move as a “clear vote of no confidence in the leadership of Schaeffler CEO Juergen Geissinger.”