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DAX 40 Management Board & Supervisory Board Moves

Q1 2026

Management Board Moves

Airbus SE

  • Airbus has announced that Matthieu Louvot will assume the role of Chief Executive Officer of Airbus Helicopters and become a member of the company’s Executive Committee on April 1, 2026. He will succeed Bruno Even, who is leaving the company after eight years of leading the division in order to pursue new personal and professional opportunities.

  • Louvot currently serves as Executive Vice President of Strategy at Airbus and has previously held several senior leadership roles at Airbus Helicopters, including Executive Vice President Customer Support & Services and Executive Vice President Programmes.

Allianz SE

  • Allianz has announced a series of changes to its Board of Management effective January 1, 2027, in connection with Klaus-Peter Röhler’s planned retirement at the end of 2026 which is when his mandate expires and he will have reached the age limit.

  • Tomas Kunzmann, currently Chief Executive Officer of Allianz Partners, will join the Board of Management and assume responsibility for Asia Pacific, including India, taking over from Renate Wagner. Wagner, in turn, will assume responsibility for Germany, Switzerland and Central Europe, while the Global Property & Casualty Retail unit will report to Sirma Boshnakova, who also oversees Insurance Western & Southern Europe, Allianz Direct and Allianz Partners.

  • Kunzmann has served as Chief Executive Officer of Allianz Partners since 2022. His successor will be announced in due course.

Bayer AG

  • Bayer welcomed Dr. Judith Hartmann to its Board of Management on March 1, 2026, ahead of her assumption of the Chief Financial Officer role on June 1, 2026. Wolfgang Nickl will retire as planned on May 31, 2026, following a structured transition period.

  • Dr. Hartmann joins Bayer from Sandbrook Capital, where she served as an Operating Partner focused on climate infrastructure investments. Previously she was Chief Financial Officer and Deputy Chief Executive Officer of ENGIE, Group Chief Financial Officer of Bertelsmann, and held senior leadership roles at General Electric across the United States, Europe and Brazil.

Bayerische Motoren Werke (BMW) AG

  • BMW has announced that Dr. Raymond Wittmann will assume responsibility for Production on the Board of Management, succeeding Dr. Milan Nedeljković who succeeds Oliver Zipse as Chief Executive Officer at the Annual General Meeting in May 2026.

  • Dr. Wittmann has been with BMW since 2015 and has led Corporate Strategy and Development since 2024. During his tenure, he has held senior roles across production, finance and strategy, including Head of Assembly at the Munich plant, Chief Financial Officer for the Americas sales region, and Project Manager for the San Luis Potosí plant in Mexico.

Commerzbank AG

  • Commerzbank has announced that Chief Risk Officer Bernd Spalt will step down when his contract expires on December 31, 2026, having decided not to seek an extension for personal reasons. His planned departure gives Commerzbank time to prepare an orderly succession process, which is already under way.

  • Spalt joined Commerzbank in January 2024 and has been credited with strengthening the bank’s risk function, supporting its strategic priorities and reinforcing stability and trust during a challenging period.

Daimler Truck Holding AG

  • Daimler Truck has announced that Yvonne Bettkober will join the Board of Management with effect from October 1, 2026, where she will assume responsibility for Human Resources and serve as Labor Director. She succeeds Jürgen Hartwig, who has served on the Board of Management since December 2021 and will leave the company at his own request at the end of November 2026, concluding a career spanning more than 30 years with the organisation.

  • Bettkober brings more than 20 years of international management experience across transformation, organisational development and digital business models. Most recently, she has led Audi’s Transformation, Consulting and Organization unit, following leadership roles at Volkswagen AG and CARIAD, where she was responsible for global organisational development and transformation. Earlier in her career, she held senior positions at Amazon Web Services and Microsoft.

Deutsche Bank AG

  • Deutsche Bank has announced a series of leadership changes in support of its Global Hausbank strategy.

  • Dr. Stefan Hoops, Chief Executive Officer of DWS, will join the Management Board with effect from May 1, 2026, and assume responsibility for Asset Management, succeeding James von Moltke ahead of his departure at the end of June. Dr. Hoops will continue to serve as Chief Executive Officer of DWS alongside his new Board responsibilities.

  • Marie-Jeanne Deverdun will also join the Management Board on May 1, 2026, as Chief Technology, Data and Innovation Officer, succeeding Bernd Leukert, who will leave the bank when his contract expires at the end of June. Deverdun has been with Deutsche Bank for 16 years and most recently served as Chief Operating Officer for the Corporate Bank and Investment Bank.

  • Separately, Fabrizio Campelli will succeed James von Moltke as President on July 1, 2026, when von Moltke’s tenure ends. Campelli will retain his existing responsibilities as Head of Corporate Bank and Investment Bank, as well as his regional remit for the Americas and UK & Ireland.

Deutsche Telekom AG

  • Deutsche Telekom has announced that Dr. Abdurazak (“Abdu”) Mudesir, Member of the Board of Management with responsibility for Product and Technology, left the company on March 31, 2026, at his own request in order to take up a new position abroad.

  • Until a successor is identified, his responsibilities will be assumed by Dr. Christian Illek on an interim basis alongside his existing role as Chief Financial Officer.

Fresenius SE & Co. KGaA

  • Fresenius has announced that Dr. Christian Pawlu will join its Management Board on July 1, 2026, to oversee the businesses of Fresenius Helios, which includes the two private hospital chains, Quirónsalud in Spain and Helios Kliniken in Germany. He is succeeding Robert Möller who will leave the Management Board in order to establish the company’s Office of the Management in Berlin and Brussels.

  • Dr. Pawlu has served as Chief Operating Officer of Helios in Germany since March 2025 and expanded his remit in September 2025 to include Fresenius Helios more broadly, covering both Helios in Germany and Quirónsalud in Spain. Earlier in his career, he held corporate development roles at Fresenius and Fresenius Kabi and also served on the Supervisory Board of mAbxience.

Merck KGaA

  • Merck has announced that Benjamin Hein will join the Executive Board and assume the role of Chief Executive Officer of its Electronics business sector with effect from May 1, 2026, succeeding Dr. Kai Beckmann. On the same date, Dr. Beckmann will assume the role of Chair of the Executive Board and Chief Executive Officer of Merck, succeeding Belén Garijo. Garijo’s tenure will conclude at the end of April 2026 after 15 years with the company, including six years as Chief Executive Officer of Healthcare and, since 2021, as Chair of the Executive Board and Chief Executive Officer.

  • Hein has spent 13 years at Merck in leadership roles across strategy, transformation and operations in both Life Science and Electronics. Most recently, he led Life Science Services from Burlington, Massachusetts, overseeing a global organisation spanning commercial, R&D, manufacturing and supply chain activities.

  • Beckmann, a member of the Executive Board since 2011, has led the transformation of Merck’s Performance Materials business into its Electronics sector and brings broad leadership experience across operations, technology and corporate functions.

Scout24 SE

  • Scout24 has announced that Martin Mildner assumed the role of Chief Financial Officer and member of the Management Board on March 1, 2026, succeeding Dr. Dirk Schmelzer, who left the company at his own request on February 28, 2026, after more than six years in the role.

  • Mildner joins Scout24 with extensive experience as Chief Financial Officer of listed companies, as well as deep expertise across finance, capital markets and digital business models.

Siemens AG

  • Following the previously announced transition of the Chief Financial Officer role from Prof. Dr. Ralf Peter Thomas to Veronika Bienert during the fiscal year 2026, Siemens has disclosed that Dr. Peter Körte, Member of the Managing Board as well as Chief Technology Officer and Chief Strategy Officer, will assume responsibility for Smart Infrastructure on July 1, 2026, in addition to his current duties. He will succeed Matthias Rebellius, who will step down from the Managing Board at the end of his term at his own request.

  • With the departures of Prof. Dr. Thomas and Rebellius, the number of Managing Board members at Siemens AG will decrease from seven to five. Rebellius will continue to support implementation of the company’s ONE Tech Company strategy through the end of the current fiscal year.

This newsletter reflects movements across DAX40 Supervisory Boards and Management Boards that have occurred or been announced in Q1 2026. Changes taking effect at the turn of the year, where a predecessor stepped down on December 31, 2025 and a successor assumed office on January 1, 2026, were already covered in the Q4 2025 edition.

 

 

Contact

Jens-Thomas Pietralla
Russell Reynolds Associates
Neuturmstraße 5 | 80331 Munich | Germany
Direct: +49-89-2489-8151
jt.pietralla@russellreynolds.com

Supervisory Board Moves

Adidas AG

  • Dr. Thomas Rabe will step down as Chairman at the end of the upcoming Annual General Meeting on May 7, 2026, in line with the planned end of his term. He is expected to be succeeded by the current Vice Chair of the Supervisory Board, Nassef Sawiris.

  • In addition, Dr. Mathias Döpfner, Chief Executive Officer of Axel Springer SE, will stand for election as a new member of the Supervisory Board. Dr. Döpfner has served as Chief Executive Officer of Axel Springer since 2002 and has overseen the company’s transformation from a traditional publishing business into a digital media group.

Airbus SE

  • Airbus has announced that Dr. Henriette Hallberg Thygesen will stand for election as a Non-Executive Member of the Board for a three-year term at the Annual General Meeting on April 14, 2026, succeeding Prof. Dr. Feiyu Xu, whose mandate will expire at the close of the meeting. Dr. Hallberg Thygesen has served as Chief Executive Officer of the Danish defence and aerospace company Terma A/S since 2024 and previously held several senior leadership roles at A.P. Møller-Maersk A/S.

  • Airbus has also announced that Oliver Zipse will stand for election as a Non-Executive Member of the Board for a one-year term, following the planned resignation of Victor Chu on the date of the Annual General Meeting. The proposed term reflects the remainder of Chu’s current Board mandate. Zipse has served as Chairman of the Board of Management of BMW AG since 2019, with his current mandate due to end in May 2026.

Allianz SE

  • Allianz has announced that Dr. Frank Ellenbürger will stand for election to the Supervisory Board at the Annual General Meeting on May 7, 2026. Dr. Ellenbürger, an independent auditor and tax adviser based in Starnberg, is expected to succeed Michael Diekmann, whose mandate will conclude at the close of the meeting.

  • In addition, Allianz has stated that Dr. Jörg Schneider is expected to succeed Diekmann as Chair of the Supervisory Board and will be proposed for that role at the Supervisory Board’s constituent meeting following the Annual General Meeting.

BASF SE

  • BASF has announced that Mark Garrett will stand for election to the Supervisory Board at the Annual Shareholders’ Meeting on April 30, 2026, where he is expected to succeed Liming Chen, who will resign from his mandate at the end of the meeting at his own request. Garrett’s mandate would cover the remainder of Chen’s term, through to the end of the Annual Shareholders’ Meeting in 2028.

  • Garrett brings more than three decades of experience in the chemical industry and senior leadership across listed and privately held companies. He served as Chief Executive Officer of Borealis from 2007 to 2018 and has also held positions including Chair of the Board of Directors of Axalta Coating Systems and Chairman of the Supervisory Board of OMV.

Bayer AG

  • Bayer has announced that Marcel Smits and Dr. Alfred Stern will stand for election to the Supervisory Board at the 2026 Annual Stockholders’ Meeting on April 24, 2026, where they are expected to succeed Dr. Paul Achleitner and Colleen A. Goggins, whose terms will conclude at the end of the meeting.

  • Smits is a Director at SF Investment Management in Singapore and also serves as a Non-Executive board member at Entobel Holding and Pacific Hybreed.

  • Dr. Stern is Chair of the Executive Board and Chief Executive Officer of OMV, a role he will hold until August 31, 2026; he also serves on the boards of OMV Petrom, Borealis, Borouge Group International and Air Products and Chemicals.

Bayerische Motoren Werke (BMW) AG

  • BMW has announced that Dr. Christian Bruch, Chief Executive Officer of Siemens Energy AG, will stand for election to the Supervisory Board at the Annual General Meeting on May 13, 2026, where he is expected to succeed Dr. Heinrich Hiesinger, whose term will conclude at the end of the meeting. The proposed mandate would run through the Annual General Meeting 2029.

Deutsche Börse AG

  • Shannon Johnston has resigned as shareholder representative and will step down from the Supervisory Board of Deutsche Börse at the close of the Annual General Meeting on May 13, 2026. The company has announced that Claudia Nemat will stand for election as Johnston’s successor for the remainder of the current term of office (until the Annual General Meeting in 2027).

  • Nemat is a Non-Executive member of the Board of Directors of ABB Ltd and was a member of the Board of Management of Deutsche Telekom AG until the end of 2025, where she was responsible for Technology and Innovation.

Deutsche Post (DHL) AG

  • Deutsche Post has announced that Dr. Rolf Bösinger will stand for election to the Supervisory Board at the Annual General Meeting on May 5, 2026. Dr. Bösinger, State Secretary at Germany’s Federal Ministry of Finance, joined the Board by court order in July 2025 following the departure of Prof. Luise Hölscher and is now standing for shareholder election.

Deutsche Telekom AG

  • Deutsche Telekom has announced that Dr. Thomas Dohmke and Dr. Philipp Herzig will stand for election to the Supervisory Board at the ordinary Shareholders’ Meeting on April 1, 2026. Dr. Dohmke, Co-Founder and Chief Executive Officer of Entire Inc., and Dr. Herzig, Chief Technology Officer and member of the Extended Board of SAP SE, are expected to succeed Dagmar P. Kollmann and Karl-Heinz Streibich, whose mandates will expire at the end of the 2026 ordinary Shareholders’ Meeting.

E.ON SE

  • E.ON has announced that Anke Groth and Klaus Fröhlich will not stand for re-election to the Supervisory Board at the Annual General Meeting on April 23, 2026. To fill these vacancies, the company has proposed Helene von Roeder, Chief Financial Officer of Merck, and Dr. Dominik von Achten, Chairman of the Managing Board of Heidelberg Materials, for election.

Henkel AG & Co. KGaA

  • Henkel has announced that Dr. Stefan Hartung, Chairman of the Board of Management of Robert Bosch GmbH, will stand for election to the Shareholders’ Committee at the Annual General Meeting on April 27, 2026. He is expected to succeed Jean-François van Boxmeer, who will step down from the Shareholders’ Committee at the end of the meeting.

Munich Re AG

  • Munich Re has announced that Frédéric de Courtois will stand for election to the Supervisory Board at the Annual General Meeting on April 29, 2026. Based in Paris, de Courtois is President of Insurance Europe. He is expected to succeed Clement B. Booth, who will step down from the Supervisory Board at the Annual General Meeting.

Qiagen N.V.

  • Having assumed the role of Chief Scientific Officer at Memorial Sloan Kettering Cancer Center, Prof. Dr. Ross Levine stepped down from QIAGEN’s Supervisory Board on January 23, 2026; he will remain involved with the company as Chair of its Scientific Advisory Board. Prof. Dr. Levine was succeeded on the same date by Mark Stevenson, who will stand for election at the next Annual General Meeting in June 2026.

  • Stevenson is an Operating Partner at Fivespan Partners and brings more than 30 years of leadership experience in Life Sciences technology. Most recently, he served as Executive Vice President and Chief Operating Officer of Thermo Fisher Scientific.

Rheinmetall AG

  • Rheinmetall has announced that Frederick Benjamin Hodges will stand for election to the Supervisory Board at the Annual General Meeting on May 12, 2026. A retired United States Army officer, Hodges previously served as Commanding General of United States Army Europe and subsequently as Senior Advisor to Human Rights First and NATO Senior Mentor for Logistics. He is expected to succeed Dr. Dr. E.h. Klaus Draeger, who will step down from the Supervisory Board at the Annual General Meeting.

SAP SE

  • SAP has announced that Dr. Gunnar Wiedenfels and Gerhard Oswald will not stand for re-election. The Supervisory Board has therefore proposed the election of René Obermann and Michael Gregoire at the Annual General Meeting on May 5, 2026.

  • Obermann is Chair of the Board of Directors of Airbus SE, Chairman of Warburg Pincus LLC Europe and former Chief Executive Officer of Deutsche Telekom AG.

  • Gregoire is Co-Founder and Partner at Brighton Park Capital.

Symrise AG

  • Based on the proposal of its Nomination Committee, the Supervisory Board of Symrise proposes that Eva Kienle, Chief Financial Officer of Ramboll Group A/S, be elected to the Supervisory Board at the Annual General Meeting on May 6, 2026. She is expected to succeed Bernd Hirsch, who is not standing for re-election.

Zalando SE

  • Zalando has announced that Peter Sarlin will stand for election at the Annual General Meeting on May 12, 2026. Sarlin, a recognised European pioneer in machine learning and artificial intelligence, is expected to succeed Susanne Schröter-Crossan, who will step down from the Board at the close of the meeting.

  • The company said the nomination is intended to strengthen the Supervisory Board’s AI expertise as Zalando scales AI-driven innovation across its business. Sarlin is the founder of Silo AI, which was acquired by AMD in 2024, and currently serves as Chair of the Board of NestAI and Qutwo as well as Professor of Practice at Aalto University.

This newsletter reflects movements across DAX40 Supervisory Boards and Management Boards that have occurred or been announced in Q1 2026.

 

 

Contact

Jens-Thomas Pietralla
Russell Reynolds Associates
Neuturmstraße 5 | 80331 Munich | Germany
Direct: +49-89-2489-8151
jt.pietralla@russellreynolds.com