Stefan Hartung, chief executive of German technology group Bosch, is stepping down earlier than expected, as the company struggles in several areas of its business.
The 60-year-old is stepping down from his role as chairman of the board of management at his own request with effect from June 30, the technology group in Gerlingen, near Stuttgart, said on Friday.
He will be replaced by his deputy, Christian Fischer, on July 1.
Hartung intends to devote himself to new social and business endeavours outside the Bosch Group in future, the firm said.
The change is therefore taking place in close consultation and with the agreement of Bosch's senior management: "The shareholders and the supervisory board regret Stefan Hartung's decision and express their sincere thanks to him for his outstanding contributions to the prudent leadership of the company during an exceptionally challenging period," said supervisory board chairman Stefan Asenkerschbaumer.
Hartung had continued the vigorous development of Bosch, he added.
"We respect Stefan Hartung's personal decision and wish him every success for the future," Asenkerschbaumer was further quoted as saying. The manager is also a managing partner of Robert Bosch Industrial Trust KG, the group's centre of power. It holds a majority of the voting rights in the world's largest automotive supplier.
Contract had only just been extended
Bosch only extended Hartung's contract last year. No details were given at the time. However, it is understood that a term running until 2031 was agreed.
Born in Dortmund and a former McKinsey manager, he began his career at Bosch in 2004 at the home appliances subsidiary BSH.
Hartung has been a member of the executive board since 2013.
He took over as chief executive of the foundation-owned group at the start of 2022. With his early departure, the mechanical engineer, who holds a PhD, becomes the seventh chief executive - following founder Robert Bosch - to leave the company, which manufactures not only car parts, semiconductors, domestic appliances and power tools, but also industrial and building technology.
Bosch's new chief executive, Fischer, was most recently in charge of the consumer goods division - and served as something of a chief strategist for the group.
The 58-year-old began his career at Bosch as a trainee. After stints at the management consultancy Roland Berger, Walter Bau, Smartrac and, once again, Roland Berger, the holder of a doctorate in economics returned to Bosch in 2018 - joining the executive board straight away.
The deputy chief executive role will therefore be shared by two managers in future: Chief financial officer Markus Forscher and the head of the supplier division, Markus Heyn.
Bosch in crisis
The difficult economic situation hit Bosch with full force last year. The world's largest automotive supplier is struggling not only in its core business - where the sluggish transition to electric vehicles is taking its toll - but also in almost all other business areas.
For example, many consumers are holding back on purchases of appliances such as fridges, ovens, washing machines, power tools and garden equipment due to the current economic situation.
According to its own statements, Bosch is no longer competitive in many areas.
In an effort to turn the situation around, the company is making significant cuts to its workforce and organizational structures. In its automotive supply division alone, the group plans to cut up to 22,000 jobs in the coming years. However, there are also redundancy plans in other areas - including at its household appliances subsidiary BSH and the power tools division.
The costs of this unprecedented job cut - alongside US tariffs and tax effects - have also weighed heavily on the Swabian firm's financial results. In total, the programmes cost €2.7 billion ($3.07 billion) primarily in the form of provisions.
As a result, last year Bosch had to report an after-tax loss of €363 million for the first time since 2009. Profits had already halved the previous year. Turnover rose only slightly in 2025 to €91 billion. This meant the company also fell well short of its own expectations.
Will 2026 be a better year for Bosch?
For the current year, Bosch most recently anticipated slightly better business performance - despite the difficult global economic situation.
In the first quarter, turnover was reportedly roughly on a par with the previous year. For the year as a whole, management is targeting turnover growth of between 2 and 5%. This is also expected to result in higher profits once again.
