Bosch Says CEO Denner, Chairman To Step Down At End of 2021: Report

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  • The report added that that Chairman Franz Fehrenbach would also retire at the end of the year, and would be replaced by finance chief Stefan Asenkerschbaume
  • Recently, Robert Bosch opened a 1 billion euro ($1.2 billion) chip plant in Germany. The plant is located in a semiconductor hub near Dresden

As per a report by Reuters, Robert Bosch GmbH said Chief Executive Volkmar Denner would step down at the end of the year after about 10 years at the helm to focus on research, and would be succeeded by the head of the automotive parts business unit, Stefan Hartung. The report added that that Chairman Franz Fehrenbach would also retire at the end of the year, and would be replaced by finance chief Stefan Asenkerschbaumer.

Transition to electric vehicles and the advent of internet-of-things technology in manufacturing

Bosch, with almost 400,000 staff and 72 billion euros ($85.4 billion) in sales last year, said the moves were part of a generational change that was planned well in advance. At Bosch, Denner has been overseeing a transition to electric vehicles and the advent of internet-of-things technology in manufacturing.

Recently, Robert Bosch opened a 1 billion euro ($1.2 billion) chip plant in Germany. The plant is located in a semiconductor hub near Dresden.

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