Fuchs Petrolub AG officially declared its order of succession Friday, announcing that executive board member Stefan Fuchs will become board chairman Jan. 1, 2004 upon the retirement of his father, Manfred Fuchs.
The elder Fuchs, who turns 65 this year, has said previously that he intends to step down at the end of this year, after 41 years at the companys helm, and manyinside and outside the companyhave assumed that Stefan would succeed him. The company made it official with an announcement at its annual shareholders meeting at company headquarters in Mannheim, Germany.
The company said the selection of Stefan Fuchs and other executive appointments will provide for a young management team and for entrepreneurial succession.
Fuchs is the worlds largest independent lubricant company, with sales of Euro 1.1 billion (U.S. $1.2 billion) in 2002. Stefan Fuchs, 35, has been with the company for six years and is currently a member of the executive board, in charge of Western Europe. At that post, he has been responsible for the reorganization of Fuchs operations in the region – a project undertaken early last year after Fuchs bought out RWE-DEA, its former partner in the German joint venture, Fuchs DEA Schmierstoffe. Renamed Fuchs Europe Schmierstoffe, the German operations now report to Stefan Fuchs, as does Fuchs Europe, the unit in charge of Western European operations outside Germany. Previously, Stefan Fuchs oversaw the companys operations in the United States for three years. He holds an MBA from Mannheim University.
The younger Fuchs will be the third member of his family to head the company. His grandfather, Rudolph Fuchs, founded the company in 1931. Manfred Fuchs took over upon Rudolphs death and has led the company through a period of enormous growth, both in terms of sales and geographic reach. Operating in more than 80 countries, it sells a wide range of lubricants, although its strategy is to focus on specialty products.
Management said Manfred Fuchs will remain active in the company after stepping down as executive board chairman. He will remain the companys principal shareholder and is expected to join the supervisory board, a panel which advises the executive board.