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ZF chairman resigns amid report of power struggle


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Automotive News - Reuters  /  November 29, 2017

FRANKFURT -- Germany's ZF Friedrichshafen, the world's second-largest auto [and commercial truck] supplier, said on Wednesday that its supervisory board chairman , Giorgio Behr, was stepping down.

A company spokesman said Behr was giving four weeks' notice, but declined to comment further.

Germany's Handelsblatt newspaper earlier reported Behr's departure, saying the move was due to a power struggle between Behr and the company's owners over strategy after they blocked a takeover of U.S. commercial truck parts supplier Wabco Holdings.

The Friedrichshafen-based supplier wants to cut its dependence on combustion-engine cars, and has sought to build up its expertise in components for autonomous and electric vehicles.

Earlier this year, ZF took a 40 percent stake in German lidar maker Ibeo Automotive and made an unsuccessful $515 million bid for Swedish brake systems group Haldex.

ZF ranks No. 2 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $38.46 billion during its 2016 fiscal year. 

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