DAX 40 Management Board & Supervisory Board Moves

Management Board Moves

Airbus SE

• Christian Scherer stepped down as Chief Executive Officer of Airbus’ Commercial Aircraft business on December 31, 2025. He was succeeded by Lars Wagner, formerly Chief Executive Officer of Munich-based MTU Aero Engines AG.

• Wagner joined Airbus in November 2025 to ensure a seamless transition in close collaboration with Scherer and became a member of the Executive Committee on January 1, 2026.

BASF SE

• BASF has announced changes to its Board of Executive Directors as part of the continued alignment of its leadership structure with the priorities of its “Winning Ways” strategy. The Supervisory Board has appointed Dr. Mary Kurian and Dr. Livio Tedeschi to the Board, effective May 1, 2026, while Michael Heinz will retire as planned, effective April 30, 2026.

• Dr. Kurian, currently head of BASF’s Care Chemicals division, will assume responsibility for the Chemicals and Nutrition & Care segments. She holds a PhD in Materials Science and brings extensive leadership experience from roles within and outside BASF, combining deep expertise across both commodity and specialty businesses with a strong global customer perspective.

• Dr. Tedeschi, who has led BASF’s Agricultural Solutions division since 2022, will join the Board with responsibility for the Agricultural Solutions segment. His appointment coincides with BASF’s preparations for the planned partial IPO of the business. A recognised expert in agricultural technologies, Dr. Tedeschi brings strategic foresight and extensive operational experience to support the segment’s next phase of development.

• Heinz, a long-serving member of the Board of Executive Directors, will retire at the end of April 2026. His departure enables a refreshed Board composition aligned with BASF’s evolving strategic priorities. Further details on the revised allocation of Board responsibilities can be found here.

Bayer AG

• Bayer’s Supervisory Board has appointed Dr. Judith Hartmann to the Board of Management effective March 1, 2026, in advance of her succession of Wolfgang Nickl as Chief Financial Officer on June 1, 2026. Nickl will retire as planned, effective May 31, 2026, following a structured transition period.

• Dr. Hartmann will join Bayer from Sandbrook Capital, where she currently serves as an Operating Partner with a focus on climate infrastructure investments. Her previous roles include Chief Financial Officer and Deputy Chief Executive Officer of ENGIE, Group Chief Financial Officer of Bertelsmann, and senior leadership positions at General Electric in the United States, Europe, and Brazil.

Bayerische Motoren Werke (BMW) AG

• BMW AG has announced a leadership transition as the company advances its “Neue Klasse” programme. The Supervisory Board has appointed Dr. Ing. Milan Nedeljković as Chairman of the Board of Management, effective May 14, 2026. He will succeed Oliver Zipse, who will step down following the Annual General Meeting on May 13, 2026.

• Dr. Ing. Nedeljković, who currently oversees BMW Group’s global production network, brings extensive experience in industrial operations and has played a central role in preparing the company’s transition to next-generation vehicle architectures.

• Zipse has served on the Board of Management for more than a decade and has been Chairman since 2019. His contract had been extended beyond the customary retirement age to ensure continuity through the launch of the “Neue Klasse” platform.

Continental AG

• Continental’s Supervisory Board has appointed Christian Kötz as Chief Executive Officer effective January 1, 2026, succeeding Nikolai Setzer, who stepped down by mutual agreement on December 31, 2025, after five years as Chief Executive Officer and more than 16 years on the Executive Board. The leadership change comes as Continental continues its transformation into a pure-play tire company, following the spin-off of Aumovio and the agreement to sell its Original Equipment Solutions business.

• Kötz, a Continental veteran since 1996 and Executive Board member since 2019, has held senior leadership responsibility across the tire business, including EMEA replacement, original equipment, commercial vehicle tires and global research and development.

Deutsche Bank AG

• Raja Akram joined Deutsche Bank on October 1, 2025, the Management Board on January 1, 2026, and will assume the Chief Financial Officer role following a transition period. His appointment follows James von Moltke’s decision to not seek a further term when his contract ends in June 2026.

• Akram joins Deutsche Bank from Morgan Stanley, where he has served as Deputy Chief Financial Officer since 2020. He previously spent 14 years at Citigroup in senior finance roles, including Chief Accounting Officer and Global Controller. He will be based in Frankfurt.

Deutsche Telekom AG

• Dr. Abdurazak (“Abdu”) Mudesir assumed the role of Member of the Board of Management with responsibility for Technology and Innovation effective October 1, 2025. He succeeded Claudia Nemat, who chose not to renew her contract when it expires in 2026, following 14 years of service on the Board of Management.

• Prior to his appointment, Dr. Mudesir served as Deutsche Telekom’s Group Chief Technology Officer and as Managing Director of Technology for Telekom Germany. Since joining the company in 2018, he has led key initiatives in network expansion, digital transformation, and technology strategy.

Fresenius Medical Care AG

• Franklin W. Maddux, MD, Global Chief Medical Officer, and Dr. Katarzyna Mazur-Hofsäß, Chief Executive Officer of the Care Enablement segment, retired from their respective roles on December 31, 2025, in accordance with previously announced succession plans.

• Effective 1 January 2026, Charles Hugh-Jones, MD, FRCP, and Joseph E. (“Joe”) Turk joined the Management Board.

• Dr. Hugh-Jones assumed responsibility as Global Chief Medical Officer. He most recently served as Chief Executive Officer of Volastra Therapeutics and previously held senior medical leadership roles at Allergan, Pfizer and Sanofi.

• Turk assumed responsibility as Chief Executive Officer of the global Care Enablement segment. He joined Fresenius Medical Care in 2019 following the acquisition of NxStage Medical and most recently served as Executive Vice President of Global Home and Critical Care Therapies and Head of U.S. Commercial Operations.

GEA Group AG (listed on the DAX40 since September 22, 2025)

• Alexander Kocherscheidt has assumed the role of Chief Financial Officer of GEA, succeeding Bernd Brinker, who left the company by mutual agreement on October 31, 2025. Kocherscheidt previously served as Chief Financial Officer of the Liquid & Powder Technologies Division and joined GEA in 2019 as Head of Group Finance, having previously held various management positions at ThyssenKrupp.

• GEA has also announced comprehensive changes to its Management Board and governance structure effective 2026, aimed at strengthening strategic focus, increasing agility, and supporting the company’s long-term objectives. As part of the reorganisation, the Management Board will be expanded from three to six members, while the 14-member Global Executive Committee will be dissolved. In addition, the Chief Operating Officer Executive Board area will be phased out during a transition period in 2026. Three restructured divisions will operate as standalone Executive Board areas, aligned with GEA’s strategic business priorities. Those responsible for the key growth markets China and India will report directly to the Chief Executive Officer.

• Dr. Nadine Sterley will assume responsibility for the newly created People & Sustainability Executive Board area, in addition to the role of Director of Labor. Her remit will include the HR, Sustainability, and Legal core functions. She currently serves as GEA’s Chief Sustainability Officer and Chief Human Rights Officer and has held various roles within the company since mid-2016.

• Kai Becker will assume Executive Board responsibility for the Pure Flow Processing Division, which will combine the Separation & Flow Technologies Division with the components business of Heating & Refrigeration Technologies. The Heating & Refrigeration Technologies Division previously headed by Becker was dissolved on December 31, 2025. Becker has been with GEA since 2004.

• Klaus Stojentin will assume Executive Board responsibility for the Nutrition Plant Engineering Division, combining the business of the Liquid & Powder Technologies Division with the Heating & Refrigeration Solutions business. Stojentin joined GEA in 2003 and currently leads the Separation & Flow Technologies Division.

• Peter Lauwers will assume Executive Board responsibility for the Pharma & Food Applications Division, currently known as the Food & Healthcare Technologies Division; the Division’s portfolio will remain unchanged. Lauwers has served as Divisional Chief Executive Officer at GEA since 2020, leading Farm Technologies until 2024 and Food & Healthcare Technologies thereafter. He previously held various senior management positions at Atlas Copco.

• The Chief Operating Officer area headed by Johannes Giloth will be dissolved following a transition period lasting until June 30, 2026. A centralised procurement function (with a reporting line to the Chief Executive Officer) will be retained while the remaining COO responsibilities will be integrated into the portfolios of the other Executive Board members. Giloth will support the handover of his responsibilities to ensure an orderly transition.

Infineon Technologies AG

• In July 2025, the Supervisory Board of Infineon Technologies appointed Alexander Gorski as Chief Operations Officer effective October 1, 2025. Gorski previously served as Executive Vice President and Head of Frontend Operations at Infineon and, in his role as Chief Operations Officer, now holds responsibility for Operations, Procurement, Supply Chain and Quality Management. He succeeds Dr. Rutger Wijburg who retired at the end of the fiscal year on September 30, 2025, after more than seven years with the company. 

Mercedes-Benz Group AG

• After nearly ten years on the Board of Management, Renata Maria-Anna Jungo Brüngger, member of the Board of Management with responsibility for Integrity, Governance and Sustainability, left Mercedes-Benz Group at her own request on October 31, 2025, shortly before the end of her contract. She was succeeded by Olaf Schick, who joined the company on October 1, 2025, from Continental AG, where he served as a member of the Executive Board with responsibility for Finance, Controlling, Integrity, and Law. Schick previously held several senior roles at Mercedes-Benz, including as Head of Finance & Controlling Greater China and Head of the Compliance department.

• On September 24, 2025, Mercedes-Benz Group announced further changes to its Board of Management effective December 1, 2025. Jörg Burzer assumed the role of Chief Technology Officer with responsibility for Development & Procurement, succeeding Markus Schäfer, who left the company after more than 30 years of service.

• Burzer, a long-standing Mercedes-Benz executive, previously served as Member of the Board of Management responsible for Production, Quality & Supply Chain Management, where he played a key role in advancing the company’s global manufacturing network.

• As part of the changes, Michael Schiebe, formerly Head of AMG, joined the Board of Management and assumed Burzer’s former responsibilities for Production, Quality & Supply Chain Management, contributing to a generational renewal of the Board.

MTU Aero Engines AG

• Michael Schreyögg, Chief Program Officer, left MTU Aero Engines at his own request on December 31, 2025, concluding a career of more than 35 years at the company, including over 12 years on the Executive Board.

• He was succeeded by Dr. Ottmar Pfänder, who assumed the role of Chief Program Officer on January 1, 2026. Pfänder, previously held responsibility for MTU’s commercial engine programmes within the Chief Program Officer organisation and earlier headed the company’s Corporate Strategy department, reporting directly to the Chief Executive Officer.

Munich RE

• Dr. Joachim Wenning stepped down as Chair of the Board of Management of Munich Re on December 31, 2025, following his decision, announced in July 2025, to retire upon completion of the company’s “Ambition 2025” strategy programme. He was succeeded by Dr. Christoph Jurecka, who assumed the role of Chair of the Board of Management on January 1, 2026.

• Dr. Jurecka joined Munich Re in 2011, initially as a member of the Board of Management of ERGO Group AG, and has served as Chief Financial Officer since 2019.

• Andrew Buchanan succeeded Dr. Jurecka as Chief Financial Officer on January 1, 2026. Buchanan joined Munich Re in 2011 and has served as Chief Financial Officer of the reinsurance segment since 2017.

Qiagen NV

• In November 2025, Qiagen announced that Thierry Bernard will step down as Chief Executive Officer and Managing Director following the appointment of a successor. The Supervisory Board has initiated a succession process, supported by an external executive search firm, and is considering both internal and external candidates.

• Bernard has been with Qiagen since 2015 and has served as Chief Executive Officer since 2019. He will remain in office until the transition is completed and will not seek re-election at the Annual General Meeting in June 2026.

Siemens AG

• Siemens has announced that Veronika Bienert will assume the role of Chief Financial Officer during the fiscal year 2026, succeeding Prof. Dr. Ralf P. Thomas following a structured transition period.

• Bienert has spent more than two decades at Siemens in a range of international finance and leadership roles. Before becoming Chief Executive Officer of Siemens Financial Services in 2021, she served as its Chief Financial Officer and previously held senior positions in Germany and abroad. She also chairs the Supervisory Board of Siemens Bank GmbH and serves on the Supervisory Board and Audit Committee of Siemens Healthineers AG.

• Prof. Dr. Thomas, who has spent over 30 years at Siemens, will hand over his responsibilities following the transition period. After leaving Siemens AG, he will continue to serve as Chair of the Supervisory Board of Siemens Healthineers AG.

Vonovia SE

• Vonovia announced that Luka Mucic will succeed Rolf Buch as Chief Executive Officer as part of a planned leadership transition around the turn of the year 2025/2026. Mucic brings extensive international leadership experience, having previously served as Chief Financial Officer and Executive Director at Vodafone Group and, prior to that, spent more than two decades at SAP SE in senior roles including Chief Financial Officer and Chief Operating Officer.

• Following his departure from Vonovia, Buch has assumed a role as Executive Advisor to the U.S. private-equity firm KKR, where he will support investment teams across infrastructure, real estate and related sectors.

• In addition, the Supervisory Board of Vonovia SE has unanimously appointed Katja Wünschel as Chief Development Officer. She will join the company on April 1, 2026, and will assume her seat on the Executive Board on June 1, 2026. She will succeed Daniel Riedl, who will step down from the Board by mutual agreement effective May 31, 2026, following a two-month induction period.

• Wünschel currently serves as Chief Executive Officer of RWE Renewables Europe & Australia and has more than two decades of leadership experience in the international energy sector, including senior roles at RWE and E.ON.

Zalando SE

• On October 29, 2025, Zalando announced that Anna Dimitrova will assume the role of Chief Financial Officer on January 1, 2026. Following her transition, David Schröder, who has served as interim Chief Financial Officer since March 2025, will refocus on his role as Co-Chief Executive Officer.

• Dimitrova most recently served as Group Chief Financial Officer at Deutsche Glasfaser and has previously held senior finance and strategy leadership roles at Vodafone Group, including Chief Financial Officer of Vodafone Germany and the Czech Republic.

_{This newsletter reflects movements across DAX40 Supervisory Boards and Management Boards that have occurred or been announced in Q4 2025.}

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Jens-Thomas Pietralla
Russell Reynolds Associates
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