Webasto CEO Engelmann Resigns Amid Company Crisis

In a significant leadership change, Holger Engelmann has announced his early resignation as CEO of Webasto, a major automotive supplier now facing severe financial challenges. Engelmann, who has led the 124-year-old company since 2013, will step down this weekend, and Jörg Buchheim is set to take over the position on Monday.

Webasto, headquartered in Stockdorf near Munich, has been grappling with a crisis that has led to a restructuring phase. Engelmann stated that the decision to resign was made in agreement with the supervisory board, emphasizing the need for stable leadership during the upcoming restructuring efforts. Though his contract was scheduled to run until the end of the year, the company's current situation necessitated this change.

As of late 2023, Webasto employed approximately 16,000 individuals across more than 50 locations worldwide. The company is well-known for manufacturing sliding and panoramic roofs for vehicles, as well as heating systems and battery systems for electric cars.

Last year, Webasto encountered significant financial difficulties, culminating in a stabilization agreement with its key creditors in December. In an effort to manage the crisis, the company appointed Johann Stohner as Chief Restructuring Officer earlier this year, and a restructuring report is currently underway.

Engelmann had previously expanded Webasto's operations in China during the prosperous 2010s. However, the German automotive industry has fallen behind in this crucial market as Chinese electric vehicle manufacturers have surged ahead, surpassing their German counterparts. Webasto operates nine sites in China, with two factories having been closed last year due to the challenging market conditions.

Jörg Buchheim, the incoming CEO, brings experience from outside the organization, having been recruited specifically for this role. A trained electrical engineer, Buchheim has a proven track record in transforming and repositioning international automotive suppliers. His familiarity with the Asian market, particularly China, will be advantageous as Webasto navigates these turbulent times.

The ongoing economic downturn has severely impacted numerous suppliers in the automotive sector, often more acutely than the manufacturers themselves. Major suppliers, including Bosch and Continental, have announced extensive cost-cutting measures to remain viable.