DAX 40 Management Board & Supervisory Board Moves

Supervisory Board Moves

Adidas AG

• Dr. Thomas Rabe stepped down as Chair at the conclusion of the Annual General Meeting on May 7, 2026, in line with the planned end of his term. He was succeeded by Nassef Sawiris, who previously served as Vice Chair of the Supervisory Board.

• In addition, Dr. Mathias Döpfner, Chief Executive Officer of Axel Springer SE, was elected 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

• At the Annual General Meeting on April 14, 2026, Airbus shareholders approved the appointment of Dr. Henriette Hallberg Thygesen as a Non-Executive Member of the Board for a three-year term. She succeeded Prof. Dr. Feiyu Xu, whose mandate expired at the close of the meeting. Dr. Hallberg Thygesen brings significant leadership experience from the defence, aerospace, logistics and shipping sectors, having served as Chief Executive Officer of Terma A/S since 2024 and having previously held several senior executive roles at A.P. Møller-Maersk A/S.

• Shareholders also elected Oliver Zipse as a Non-Executive Member of the Board for a one-year term, following Victor Chu’s planned resignation at the Annual General Meeting. Zipse was appointed to serve the remainder of Chu’s mandate, bringing experience from his tenure as Chair of the Board of Management of BMW AG, a role he held from 2019 until May 2026.

• Airbus has announced that René Obermann will step down as Chair on October 1, 2026, and not seek re-election at the 2027 Annual General Meeting. Amparo Moraleda, currently serving as Lead Independent Director, will succeed him as Chair of the Board of Directors.

Allianz SE

• Michael Diekmann stepped down from the Supervisory Board at the conclusion of the Annual General Meeting on May 7, 2026, following the end of his mandate. He was succeeded by Dr. Frank Ellenbürger, an independent auditor and tax adviser based in Starnberg, who was elected to the Supervisory Board.

• In addition, Dr. Jörg Schneider succeeded Diekmann as Chair of the Supervisory Board following his appointment at the constituent meeting of the Supervisory Board held after the Annual General Meeting.

BASF SE

• Liming Chen stepped down from the Supervisory Board at the conclusion of the Annual Shareholders’ Meeting on April 30, 2026, at his own request. He was succeeded by Mark Garrett, whose mandate covers 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 roles 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 Chair of the Supervisory Board of OMV.

Bayer AG

• Dr. Paul Achleitner and Colleen A. Goggins stepped down from the Supervisory Board at the conclusion of the Annual Stockholders’ Meeting on April 24, 2026, following the end of their respective terms. They were succeeded by Marcel Smits and Dr. Alfred Stern, who were elected to the Supervisory Board.

• 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 serves as 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

• Dr. Heinrich Hiesinger stepped down from the Supervisory Board at the conclusion of the Annual General Meeting on May 13, 2026, following the end of his term. He was succeeded by Dr. Christian Bruch, Chief Executive Officer of Siemens Energy AG, whose mandate runs through the Annual General Meeting in 2029.

Brenntag SE

• Effective following the Annual General Meeting on May 20, 2026, Wijnand Donkers and Sujatha Chandrasekaran stepped down from the Supervisory Board following the end of their respective terms. They were succeeded by Dr. Claudia Mollenkopf and Guus Dekkers, who were elected to the Supervisory Board.

• Dr. Mollenkopf serves as Chief Operating Officer Advanced Technologies and a member of the Executive Board of Evonik Industries AG.

• Dekkers serves as Chief Technology Officer and a member of the Executive Committee of Tesco PLC.

Continental AG

• Sabrina Soussan was elected Chair of the Supervisory Board following the Annual Shareholders’ Meeting on April 30, 2026. She succeeded Prof. Dr. Wolfgang Reitzle, who stepped down from the role at the conclusion of the meeting. Soussan previously served as Chief Executive Officer of SUEZ Vigie SA (formerly known as Suez SA).

Daimler Truck Holding AG

• Effective from the conclusion of the 2026 Annual General Meeting, Akihiro Eto, Laura Ipsen, Renata Jungo Brüngger, and Martin H. Richenhagen stepped down from the Supervisory Board. They were succeeded by Wayne Eyre, Claudia Nemat, Britta Seeger, and Vipin Sondhi, who were elected as new shareholder representatives. In addition, Jan Gurander and Kurt Sievers, who had previously served as court-appointed members of the Supervisory Board, were elected by shareholders for the first time.

• Eyre is a retired General and former Chief of the Defence Staff of the Canadian Armed Forces. Nemat previously served as Member of the Management Board for Technology and Innovation at Deutsche Telekom AG. Seeger serves as Member of the Board of Management for Human Resources and Labor Director of Mercedes-Benz Group AG. Sondhi previously served as Chief Executive Officer of Ashok Leyland.

• Gurander is the former Chief Financial Officer and Deputy Chief Executive Officer of AB Volvo, while Sievers previously served as Chief Executive Officer of NXP Semiconductors.

Deutsche Bank AG

• Frank Witter stepped down from the Supervisory Board effective from the close of the Annual General Meeting on May 28, 2026. He was succeeded by Carsten Knobel, who was elected to the Supervisory Board. Knobel serves as Chief Executive Officer of Henkel AG & Co. KGaA.

Deutsche Börse AG

• Shannon Johnston stepped down from the Supervisory Board of Deutsche Börse following the Annual General Meeting on May 13, 2026. She was succeeded by Claudia Nemat, who was elected to the Supervisory Board 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 previously served as a Member of the Board of Management of Deutsche Telekom AG, where she was responsible for Technology and Innovation.

Deutsche Telekom AG

• Dagmar P. Kollmann and Karl-Heinz Streibich stepped down from the Supervisory Board at the conclusion of the ordinary Shareholders’ Meeting on April 1, 2026, following the expiry of their mandates. They were succeeded by Dr. Thomas Dohmke and Dr. Philipp Herzig, who were elected to the Supervisory Board.

• Dr. Dohmke serves as Co-Founder and Chief Executive Officer of Entire Inc. Dr. Herzig serves as Chief Technology Officer and a member of the Extended Board of SAP SE.

DHL Group (Deutsche Post) AG

• Dr. Rolf Bösinger was elected to the Supervisory Board at the Annual General Meeting on May 5, 2026. He had joined the Board by court order in July 2025 following the departure of Prof. Luise Hölscher and was subsequently elected by shareholders for the remainder of the term.

• Dr. Bösinger serves as State Secretary at Germany’s Federal Ministry of Finance. He brings extensive experience in public administration, financial policy, and regulatory affairs.

E.ON SE

• Anke Groth and Klaus Fröhlich stepped down from the Supervisory Board at the conclusion of the Annual General Meeting on April 23, 2026, having not stood for re-election. These vacancies were filled by Helene von Roeder and Dr. Dominik von Achten, who were elected to the Supervisory Board.

• von Roeder serves as Chief Financial Officer of Merck KGaA. Dr. von Achten serves as Chair of the Managing Board and Chief Executive Officer of Heidelberg Materials AG.

Henkel AG & Co. KGaA

• Jean-François van Boxmeer stepped down from the Shareholders’ Committee at the conclusion of the Annual General Meeting on April 27, 2026, having not stood for re-election. The vacancy was filled by Dr. Stefan Hartung, who was elected to the Shareholders’ Committee.

• Dr. Hartung served as the Chair of the Board of Management of Robert Bosch GmbH until June 30, 2026.

Mercedes-Benz Group AG

• Dame Polly Courtice and Prof. Dr. Helene Svahn stepped down from the Supervisory Board at the conclusion of the Annual General Meeting on April 16, 2026, when their mandates ended as planned. They were succeeded by Katharina Beumelburg and Rashmi Misra, who were elected to the Supervisory Board with the intention to strengthen the Supervisory Board’s expertise in sustainability and artificial intelligence (AI), two areas of strategic importance to the company’s long-term positioning.  

• Beumelburg serves as Chief Sustainability and New Technologies Officer at Heidelberg Materials, where she leads the company’s global decarbonisation initiatives. She brings more than 20 years of experience in sustainability and industrial transformation, having previously held senior leadership roles at SLB, Siemens, and Siemens Energy.

• Misra brings extensive expertise in AI and data platforms. Most recently, she served as Chief AI Officer at Analog Devices, where she led the company’s global AI strategy and development of AI-powered sensing technologies. Prior to this, she spent more than six years at Microsoft as Vice President of AI, Data and Emerging Technologies.

Munich Re AG

• Clement B. Booth stepped down from the Supervisory Board at the conclusion of the Annual General Meeting on April 29, 2026, having not stood for re-election. The vacancy was filled by Frédéric de Courtois, who was elected to the Supervisory Board.

• Based in Paris, de Courtois is President of Insurance Europe.

Qiagen NV

• Robert McMahon was elected to the Supervisory Board at the Annual General Meeting on June 24, 2026. He succeeded Dr. Metin Colpan, who did not stand for re-election.

• In acknowledgement of Dr. Colpan’s extraordinary contributions in building QIAGEN from the ground up, he has been named Honorary Chairman.

• McMahon is a former Chief Financial Officer of Agilent and Hologic and currently serves as the Chief Financial Officer of West Pharmaceutical.

Rheinmetall AG

• Frederick Benjamin Hodges was elected to the Supervisory Board at the Annual General Meeting on May 12, 2026, succeeding Dr. Dr. e.h. Klaus Draeger, who stepped down from the Supervisory Board at the conclusion of the Annual General Meeting.

• 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.

SAP SE

• At SAP’s Annual General Meeting on May 5, 2026, René Obermann and Michael Gregoire were elected to the Supervisory Board. They succeed Gerhard Oswald and Dr. Gunnar Wiedenfels, who stepped down from the Supervisory Board at the close of the meeting.

• Obermann is Chair of the Board of Directors of Airbus SE and Chair Europe of Warburg Pincus. He previously served as Chief Executive Officer of Deutsche Telekom AG.

• Gregoire is Co-Founder and Partner at Brighton Park Capital and previously held senior leadership roles in the software and technology sector.

Siemens AG

• Siemens has announced a Supervisory Board succession plan ahead of the 2027 Annual Shareholders’ Meeting. Accordingly, Dr. Mark Schneider is to be elected Chair of the Supervisory Board immediately after the 2027 Annual Shareholders’ Meeting, succeeding Jim Hagemann Snabe. Schneider already serves on Siemens’ Supervisory Board as a Non-Executive Director.

• The plan is for Ola Rollén, Dr. Marion Helmes and Christoph von Seidel to be proposed as new shareholder representatives. Jim Hagemann Snabe, Dr. Nathalie von Siemens and Benoît Potier are expected to leave the Supervisory Board at the end of the 2027 Annual Shareholders’ Meeting.

• Rollén previously served as Chief Executive Officer of Hexagon AB and brings proven experience in software, digitalisation, and industrial artificial intelligence. 

• Helmes currently serves as Audit Chair of Siemens Healthineers AG. 

• von Seidel is a member of the Siemens family who brings long-term experience in technology, software and engineering sectors.

Symrise AG

• At Symrise’s Annual General Meeting on May 6, 2026, Eva Kienle was elected to the Supervisory Board. She succeeds Bernd Hirsch, who did not stand for re-election. She assumed the role of the Audit Committee Chair.

• Kienle is the current Group Chief Financial Officer of Ramboll Group AS and was previously the Chief Financial Officer of KWS Saat SE & Co KGaA. She serves on the Supervisory Boards of Schott Pharma AG & Co KGaA and Zumtobel Group AG.

Volkswagen AG

• Susanne Wiegand withdrew her candidacy for re-election at short notice and left the Supervisory Board at the end of the Annual General Meeting on May 26, 2026. Wiegand had joined the Supervisory Board in July 2025 as the successor to Marianne Heiß and had been designated to chair the Audit Committee. Volkswagen indicated that the vacancy would be filled in a timely manner.

Vonovia SE

• Following the Annual General Meeting on May 21, 2026, Dr. Anne-Marie Großmann-Minkwitz joined the Supervisory Board to succeed outgoing Supervisory Board Member Matthias Hünlein, who did not stand for re-election.

• Dr. Großmann-Minkwitz is the current Chief Development Officer and member of the Executive Board of GMH Gruppe Management SE.

Zalando SE

• At Zalando’s Annual General Meeting on May 12, 2026, Peter Sarlin was elected as a Non-Executive Director of the Supervisory Board. He succeeds Susanne Schröter-Crossan, who stepped down from the Supervisory Board at the close of the meeting.

• Sarlin is a European artificial intelligence and machine learning expert and the founder of Silo AI, which was acquired by AMD in 2024. He 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 Q2 2026.}

Contact

Jens-Thomas Pietralla
Russell Reynolds Associates
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Direct: +49-89-2489-8151
jt.pietralla@russellreynolds.com