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Associated Press
5 days ago
- Automotive
- Associated Press
TÜV SÜD Appoints Interim Leadership Following CEO Transition
The Supervisory Board of TÜV SÜD AG has appointed Ishan Palit, a US national, as Interim Chief Executive Officer (Chairman of the Board of Management) effective July 15, 2025, following the announcement that Dr. Johannes Bussmann will be stepping down to become CEO of MTU Aero Engines AG. Johannes Bussmann will leave TÜV SÜD on July 14, 2025. Ishan Palit will lead the company during this transition period with Chief Financial Officer (CFO) Sabine Nitzsche, until a permanent successor is appointed. Ishan Palit brings over three decades of experience at TÜV SÜD, having joined the company in 1994 to establish its operations in India. He later served as CEO of the Asia Pacific region based in Singapore, and in 2011, took charge of the global Product Service Division. Since 2017, he has served as Chief Operating Officer and member of the Board of Management, helping to shape TÜV SÜD's global strategy and operations. Sabine Nitzsche joined TÜV SÜD as Chief Financial Officer (CFO) and member of the Board of Management in March 2025. She brings over 30 years of international leadership experience in finance, strategy and operations in the high-tech and automotive industry. Before joining TÜV SÜD, she served as CFO and Executive Board member at Vitesco Technologies AG. She has also held senior positions at Infineon Technologies AG, including CFO of Infineon's Automotive Division, and EMEA CFO at GlobalFoundries. 'We are very pleased that Ishan and Sabine will oversee the interim management of TÜV SÜD during this transition,' said Frank Hyldmar, Chairman of the Supervisory Board of TÜV SÜD AG. 'Ishan is a seasoned TÜV SÜD senior executive with deep knowledge of our business and strong global leadership experience. Sabine brings a proven track record as CFO across multiple multinational enterprises. Together, they form a strong leadership team as we work towards appointing a long-term CEO.' TÜV SÜD remains focused on delivering value to its customers, employees, and partners, while building on its strong foundation and executing its long-term strategy. Founded in 1866 as a steam boiler inspection association, the TÜV SÜD Group has evolved into a global enterprise. Around 30,000 employees work at over 1,000 locations in about 50 countries to continually improve technology, systems and expertise. They contribute significantly to making technical innovations such as Industry 4.0, autonomous driving and renewable energy safe and
Arabian Post
6 days ago
- Business
- Arabian Post
TÜV SÜD Appoints Interim Leadership Following CEO Transition
Ishan Palit, Interim Chief Executive Officer (Chairman of the Board of Management) / TÜV SÜD Sabine Nitzsche, Chief Financial Officer (CFO) / TÜV SÜD MUNICH, GERMANY – NEWSAKTUELL – 10 July 2025 – Ishan Palit brings over three decades of experience at TÜV SÜD, having joined the company in 1994 to establish its operations in India. He later served as CEO of the Asia Pacific region based in Singapore, and in 2011, took charge of the global Product Service Division. Since 2017, he has served as Chief Operating Officer and member of the Board of Management, helping to shape TÜV SÜD's global strategy and operations. Sabine Nitzsche joined TÜV SÜD as Chief Financial Officer (CFO) and member of the Board of Management in March 2025. She brings over 30 years of international leadership experience in finance, strategy and operations in the high-tech and automotive industry. Before joining TÜV SÜD, she served as CFO and Executive Board member at Vitesco Technologies AG. She has also held senior positions at Infineon Technologies AG, including CFO of Infineon's Automotive Division, and EMEA CFO at GlobalFoundries. ADVERTISEMENT 'We are very pleased that Ishan and Sabine will oversee the interim management of TÜV SÜD during this transition,' said Frank Hyldmar, Chairman of the Supervisory Board of TÜV SÜD AG. 'Ishan is a seasoned TÜV SÜD senior executive with deep knowledge of our business and strong global leadership experience. Sabine brings a proven track record as CFO across multiple multinational enterprises. Together, they form a strong leadership team as we work towards appointing a long-term CEO.' TÜV SÜD remains focused on delivering value to its customers, employees, and partners, while building on its strong foundation and executing its long-term strategy. Hashtag: #TÜVSÜD The issuer is solely responsible for the content of this announcement. About TÜV SÜD AG Founded in 1866 as a steam boiler inspection association, the TÜV SÜD Group has evolved into a global enterprise. Around 30,000 employees work at over 1,000 locations in about 50 countries to continually improve technology, systems and expertise. They contribute significantly to making technical innovations such as Industry 4.0, autonomous driving and renewable energy safe and reliable.
Yahoo
08-07-2025
- Automotive
- Yahoo
Daimler Truck plans to cut around 5,000 jobs in Germany
Daimler Truck plans to axe approximately 5,000 jobs in its home country by 2030, the German firm announced on Tuesday. The cuts are part of an efficiency drive to reduce recurring annual costs by more than €1 billion by 2030, the firm said in a statement. Savings will also be made on production expenses. 'The company will utilise natural attrition and expand early retirement options to reduce positions in a socially responsible manner, as well as offer targeted severance packages,' said Daimler Truck. Natural attrition means reducing staff by not replacing employees who leave voluntarily. 'The Board of Management and the general works council have jointly agreed on key points to improve efficiency and created clear future perspectives for the locations in Germany,' a spokesperson added in a statement shared with Euronews. Related BMW, Daimler and Volkswagen's shares fall on Trump border tax threat Car industry needs to 'shape up' to compete with Chinese EVs, says Volvo CEO Daimler Truck, which is holding its Capital Market Day on Tuesday in North Carolina, also released financial updates on Tuesday. In a statement, the firm projected organic revenue growth of 3% to 5% per year until 2030 in its industrial business. It said this would be supported by an uptick in the North American vocational truck market. The company also forecasted growth for zero-emission vehicle sales in Europe, and pointed to opportunities in India and the defence sector. Daimler Truck predicted an adjusted return on sales of more than 12% in its industrial business through 2030. Free cash flow is expected to increase by 50% by 2030 compared to 2024. 'At Mercedes-Benz Trucks, our focus is first and foremost on our customers. We want to deliver the products and services that make their business more successful – today and in the future. Therefore, we are focusing on three strategic levers: restructure, leverage and grow,' said Achim Puchert, Member of the Board of Management of Daimler Truck, responsible for Mercedes-Benz Trucks and BharatBenz. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Euronews
08-07-2025
- Automotive
- Euronews
Daimler Truck plans to cut around 5,000 jobs in Germany
Daimler Truck plans to axe approximately 5,000 jobs in its home country by 2030, the German firm announced on Tuesday. The cuts are part of an efficiency drive to reduce recurring annual costs by more than €1 billion by 2030, the firm said in a statement. Savings will also be made on production expenses. 'The company will utilise natural attrition and expand early retirement options to reduce positions in a socially responsible manner, as well as offer targeted severance packages,' said Daimler Truck. Natural attrition means reducing staff by not replacing employees who leave voluntarily. 'The Board of Management and the general works council have jointly agreed on key points to improve efficiency and created clear future perspectives for the locations in Germany,' a spokesperson added in a statement shared with Euronews. Daimler Truck, which is holding its Capital Market Day on Tuesday in North Carolina, also released financial updates on Tuesday. In a statement, the firm projected organic revenue growth of 3% to 5% per year until 2030 in its industrial business. It said this would be supported by an uptick in the North American vocational truck market. The company also forecasted growth for zero-emission vehicle sales in Europe, and pointed to opportunities in India and the defence sector. Daimler Truck predicted an adjusted return on sales of more than 12% in its industrial business through 2030. Free cash flow is expected to increase by 50% by 2030 compared to 2024. 'At Mercedes-Benz Trucks, our focus is first and foremost on our customers. We want to deliver the products and services that make their business more successful – today and in the future. Therefore, we are focusing on three strategic levers: restructure, leverage and grow,' said Achim Puchert, Member of the Board of Management of Daimler Truck, responsible for Mercedes-Benz Trucks and BharatBenz.
Newsweek
25-06-2025
- Automotive
- Newsweek
1,341-Horsepower Concept Car Showcases Electric Future of Mercedes-AMG
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The bold future of Mercedes-AMG began in earnest with the unveiling of its Concept AMG GT XX tonight. The car is part of a new era for the brand, one dubbed "a new dimension of performance." Introduced by Michael Schiebe, CEO of Mercedes-AMG and Markus Schäfter, member of the Board of Management of Mercedes-Benz Group AG and Mercedes-Benz chief technology officer, the concept car is indicative of a production model that will come to market in 2026. Schiebe was named Newsweek's 2025 World's Greatest Auto Disruptors Visionary Disruptor of the Year for his transformative role at Mercedes-AMG. Concept AMG GT XX rides on the company's new platform, uses axial flux motors to deliver 1,341 horsepower, has a high-voltage battery the company calls "groundbreaking" and can be charged to add 400 kilometers of range in about five minutes thanks to its 800-volt technology. The car is a technical achievement for the brand, which is starting to build its reputation as a higher-performance nameplate than it has been known for being in recent history. Much of its technology comes from the company's global research and development network and is linked to the company's Formula 1 powertrain innovations. Front exterior of the Mercedes-AMG Concept AMG GT XX. Front exterior of the Mercedes-AMG Concept AMG GT XX. Mercedes-Benz "The best minds in our global R&D network have contributed their extensive expertise – from Mercedes-Benz in Sindelfingen and Untertürkheim to Mercedes-AMG in Affalterbach and YASA in the UK to our Formula 1 drivetrain experts at Mercedes-AMG High Performance Powertrains in Brixworth. Together, they have developed the Concept AMG GT XX and are providing an insight into pioneering drivetrain technology and the future of performance. The technology program pushes the boundaries even further and ventures into new ground," Schäfer said. The GT XX is moved by new motors that are 30 percent smaller and two-thirds lighter than current Mercedes-Benz motors. But, they have three times the power density. The technology was previewed earlier this year by the company at an event in Berlin in parallel with the debut of its partnership with Apptronik, which will result in humanoid robots being installed as part of its manufacturing process. Those motors are able to move the car up to 223 miles per hour. That speed is possible because of innovative battery cooling technology and vent design that keeps the electric vehicle from getting too hot and shutting down for vehicle and passenger protection, and allows the motors to continually maximize their performance. The battery is an entirely new endeavor for Mercedes-Benz. Its development draws on the company's experience in Formula 1 and contains new battery cells, direct cooling and high voltage. It was created to meet the high-performance demands future AMG vehicles will ask of it. Despite the demands, Mercedes-Benz expects the battery to have a long life. The car's design boasts innovative features as well. It is aerodynamically optimized with a low hood, sharply raked windshield and a more oval and concave grille than you'll find on current Mercedes-AMG models. At 186 mph, the car uses 83 percent of its energy output to overcome drag rather than to propel the vehicle forward, an example that showcases how important slick aerodynamics are to a model. The car's drag coefficient, 0.198, bests the figures of the AMG ONE and Tesla Model S, and is close to what the Xiaomi SU7 and Lucid Air, two models noted for their exceptional efficiency and performance, offer.
