Change in the Executive Board of Schaeffler AG

Georg F. W. Schaeffler und Maria-Elisabeth Schaeffler, sole shareholders of Schaeffler Group, have decided to appoint Klaus Rosenfeld (48) for a five-year term as Chief Executive Officer of Schaeffler AG.

At the same time, the current contract with Chief Technology Officer Prof. Dr. Peter Gutzmer (60) shall be extended by another five years. He shall also become Deputy Chief Executive Officer of Schaeffler AG.

Following relevant approvals, this means that Klaus Deller will not assume the position of Chief Executive Officer of Schaeffler AG on July 1, 2014 as previously planned.

Georg F. W. Schaeffler and Maria-Elisabeth Schaeffler said: "The Executive Board of Schaeffler AG has done an exceptional job over the past months. We are convinced that continuity is in the interest of our company.”