Karl J. Gaertner, majority shareholder of Mayle AG, is stepping down from the executive board after nearly three decades at the helm.
The move was effective Sept. 1 with board members Dirk Damaschke and Marc Siemssen now managing the German parts manufacturer together. They will handle all operational duties.
While not the 28 years Gaertner has spent with the company, the announcement noted Damaschke and Siemssen have been with Mayle for many years.
Gaertner will stay on as chairman of the Wulf Gaertner Autoparts AG holding company’s executive board. It is wholly owned by the family. He will continue to support Meyle with his expertise.
“This long-term transition is part of a generational change designed to prepare the company for the future,” the announcement said.
Gaertner’s daughter, Lisa, has joined the holding company’s supervisory board as a family representative.
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