Sommer had been the architect of a multiyear repositioning of ZF, seeking to convert the company from a supplier of transmissions, gears, axles and steering systems to a leader in future autonomous vehicle technologies. That strategy had entailed billions in acquisitions, most prominently the $12.4 billion purchase of U.S. electronics supplier TRW Automotive in 2015.
The TRW deal led to the creation of the second-largest global automotive supplier.
ZF’s main businesses are electronics and ADAS, chassis control, components for electrification, active and passive safety, and commercial vehicle systems. It ranks third on the Automotive News list of the top 100 global suppliers, with worldwide sales to automakers of $33.4 billion in 2020.
Under Scheider, ZF continued to expand, most notably with the 2019 acquisition of Wabco for $7 billion to bolster its expertise in trucks and driver-assistance systems.
Scheider also faced an array of industry crises, including the COVID-19 pandemic, the global semiconductor shortage, and now the effects of Russia’s invasion of Ukraine.
Andreas Brand of the Zeppelin Foundation praised Scheider in a statement, saying, “The fact that ZF is back on track, after the past two years of crisis, is also due to Wolf-Henning Scheider’s work. We regret his personal decision, but also respect it.”
