Schaeffler AG announced on October 1, 2026, that its Supervisory Board has resolved to extend the contract of Sascha Zaps, CEO Bearings & Industrial Solutions, ahead of schedule and for an additional five years. The decision, made at the board's meeting that day, 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 of Schaeffler AG since May 1, 2024. Prior to that, he served since September 2021 as Regional CEO Europe and a member of the Executive Board, which includes the members of the Board of Managing Directors and the four regional CEOs. His extended tenure is expected to provide stable leadership for the division, which is a key part of Schaeffler's industrial segment.
Georg F. W. Schaeffler, family shareholder and Chairman of the Supervisory Board of Schaeffler AG, said: “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.”
The extension matters for several reasons. It signals that Schaeffler, one of the world’s largest family-owned companies, is prioritizing stability in its leadership as it navigates a challenging industrial environment. The Bearings & Industrial Solutions division is central to the company's portfolio, which spans eight product families including bearing solutions, linear guidance systems, and repair and monitoring services. With around 110,000 employees and more than 250 locations in 55 countries, Schaeffler ranks among Germany’s most innovative organizations. Continuity in this role could help the company sustain its focus on electric mobility, CO2-efficient drives, chassis solutions, and renewable energies.
For investors and industry observers, the move reduces uncertainty about the division's strategic direction. Zaps' track record in defining measures for sustainable growth suggests that the company will continue to invest in innovation and customer-focused solutions. The decision also aligns with Schaeffler's broader goal of making motion more efficient, intelligent, and sustainable over the entire life cycle.
For photos of the Executive Board members, go to: www.schaeffler.com/en/group/executive-board. The original release is available on www.newmediawire.com.
Schaeffler cautions that certain statements in its press release are forward-looking and involve risks and uncertainties that could cause actual results to differ materially. The company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Recipients should not place undue reliance on forward-looking statements, which only reflect the situation as of the date of the release.
