Herzogenaurach | March 6, 2020 | At its meeting today, the Supervisory Board of Schaeffler AG renewed the contract of Michael Söding, CEO Automotive Aftermarket, until December 31^st 2023. Michael Söding first joined the Schaeffler Group in 2002 and was appointed Head of the company's then aftermarket business in 2009. He joined the Board of Managing Directors in 2018 when the company's Automotive Aftermarket business was established as a division of Schaeffler Group.

"Michael Söding has played a key role in the development of our Automotive Aftermarket business over many years and has pushed the business successfully. I have every confidence that he will continue to do so over the years that lie ahead," said Georg F. W. Schaeffler, Family Shareholder and Chairman of the Supervisory Board. "The Supervisory Board wishes Mr. Söding every success in his continued role."

About Schaeffler
The Schaeffler Group is a leading global supplier to the automotive and industrial sectors. Its portfolio includes high-precision components and systems for engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. Schaeffler is already shaping "Mobility for tomorrow" to a significant degree with innovative and sustainable technologies for electric mobility, digitalization, and Industry 4.0. The technology company generated sales of approximately EUR 14.2 billion in 2018. With around 89,000 employees, Schaeffler is one of the world's largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies. With almost 2,400 patent applications in 2019, Schaeffler is Germany's second most innovative company according to the DPMA (German Patent and Trademark Office).

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