DAX 40 Management Board & Supervisory Board Moves

Management Board Moves

Airbus SE

• On July 10, 2025 it was announced that Lars Wagner, former Chief Executive Officer of Munich-based MTU Aero Engines AG, will join the Executive Committee, effective January 1, 2026. He will succeed Christian Scherer as Chief Executive Officer of the Commercial Aircraft business; Scherer will remain in his role until December 31, 2025. Wagner will join Airbus in November 2025 to facilitate a seamless transition alongside Scherer.

Brenntag SE

• Effective September 1, 2025, Jens Birgersson assumed the role of Chief Executive Officer, becoming a Member of the Management Board of Brenntag SE. Birgersson has over two decades of leadership experience from publicly listed, internationally recognized companies across various sectors. From 2015 until 2024, he served as President and Chief Executive Officer of Rockwool Group in Denmark, the global leader in stone wool insulation materials and systems. He succeeded Christian Kohlpaintner, who stepped down on August 31, 2025.

• It has been announced that Michael Friede, Chief Executive Officer of Brenntag’s Specialties business, will leave the company at the end of November 2025. He joined Brenntag SE’s Management Board in April 2023.

Continental AG

• Roland Welzbacher succeeded Olaf Schick as Chief Financial Officer of Continental AG on October 1, 2025, following Schick’s departure on September 30, 2025. Welzbacher previously served as Chief Financial Officer of Continental’s Tire Division.

• Ulrike Hintz took on her role as Director of Labor Relations and Executive Board member for Human Resources at Continental AG on July 1, 2025. She succeeded Dr. Ariane Reinhart, who had served on the Executive Board since 2014.

Deutsche Börse AG

• Dr. Jens Schulte, who joined the Executive Board of Deutsche Börse AG in June 2025, assumed the role as Chief Financial Officer on October 1, 2025. Prior to joining Deutsche Börse, he was Chief Financial Officer at Schott. He succeeded Gregor Pottmeyer, who left the company on September 30, 2025, having served on the Executive Board since 2009.

Deutsche Post AG

• On August 16, 2025, Oscar de Bok assumed the role of Chief Executive Officer of DHL Global Forwarding, Freight. De Bok has been a member of the Management Board since 2019 and was, until recently, Chief Executive Officer of DHL Supply Chain. He succeeded Tim Scharwath, who retired.

• Hendrik Venter, previously responsible for Supply Chain in Mainland Europe, the Middle East, and Africa, succeeded Oscar de Bok as Chief Executive Officer of DHL Supply Chain.

Infineon Technologies AG

• Dr. Rutger Wijburg, who served as a Member of the Management Board and Chief Operations Officer at Infineon Technologies AG, has retired and stepped down from his role on September 30, 2025. He was succeeded by Alexander Gorski on October 1, 2025. Previously, Gorski held the position of Executive Vice President and Head of Frontend Operations at Infineon. In his new role as Chief Operations Officer, he will be responsible for Operations, Procurement, Supply Chain, and Quality Management.

Mercedes-Benz Group AG

• On September 24, 2025, it was announced that Michael Schiebe will succeed Jörg Burzer as Member of the Board of Management responsible for Production, Quality & Supply Chain Management. Schiebe currently serves as the Chief Executive Officer of Mercedes-AMG GmbH and leads the Top End Vehicle Group.

• Effective December 1, 2025, Jörg Burzer will assume the role of Chief Technology Officer from Markus Schäfer. Schäfer will retire from the company after more than three successful decades.

Merck KGaA

• Kai Beckmann, currently Chief Executive Officer of Merck’s Electronics Business, will succeed Belen Garijo as Chief Executive Officer and Chair of the Executive Board effective May 1, 2026. Garijo will leave Merck as planned end of April 2026.

MTU Aero Engines AG

• Dr. Johannes Bussmann was appointed to the Executive Board of MTU Aero Engines AG on July 15, 2025. He assumed the role of Chief Executive Officer, succeeding Lars Wagner, on September 1, 2025. Previously, Bussmann served as Chief Executive Officer of TÜV SÜD AG and prior to TÜV SÜD, he was Lufthansa Technik AG’s Chief Executive Officer.

• Following a three-month transition period, Katja Garcia Vila succeeded Peter Kameritsch as Chief Financial Officer on July 1, 2025. Prior to this, Garcia Vila served as Chief Financial Officer at Continental AG.

Munich RE

• On July 23, 2025, it was announced that Dr. Joachim Wenning, Chair of the Board of Management, has decided to retire on December 31, 2025. Dr. Christoph Jurecka will succeed him as Chair of the Board of Management, effective January 1, 2026. Jurecka joined Munich Re in 2011, initially as a Member of the Board of Management of ERGO Group AG. In 2019, he became Chief Financial Officer of Munich Re and joined its Board of Management.

• Additionally, Andrew Buchanan will join the Board of Management, effective January 1, 2026, taking over the role of Chief Financial Officer from Dr. Christoph Jurecka at Munich Re. Buchanan has been with Munich Re since 2011 and has served as Chief Financial Officer for the reinsurance business segment since 2017.

• Moreover, Robin Johnson was appointed to the Board of Management, effective August 1, 2025, and has taken on the new role of Chief Technology Officer. Johnson has been with the Group since 2017, previously serving as Chief Information Officer for the reinsurance business segment.

Dr. Ing. h.c. F. Porsche AG (not listed on the DAX40 since September 22, 2025)

• Michael Steiner will assume the role of Deputy Chair of the Executive Board, effective July 1, 2025. He has been Board Member for Research and Development since 2016.

• On August 19, 2025 Vera Schalwig, Vice President of Human Resources Zuffenhausen, took over responsibility for the Human Resources and Social Affairs division, succeeding Andreas Haffner.

• Meanwhile, Joachim Scharnagl, Vice President of Procurement New Vehicle & Supplier Management, took over the Procurement division from Barbara Frenkel.

Rheinmetall AG

• Dr. Vera Saal joined the Executive Board of Rheinmetall AG as the new Chief Human Resources Officer and Labor Director on September 1, 2025. She succeeded Dr. Ursula Biernert-Kloß, who left the Executive Board by mutual agreement on August 31, 2025. Previously, Saal was Executive Vice President Labor Relations, Long and Short Term Incentives at Rheinmetall AG, and has held various senior HR positions within the Rheinmetall Group for 15 years.

Sartorius AG (not listed on the DAX40 since September 22, 2025)

• On July 1, 2025 Dr. Michael Grosse succeeded Joachim Kreuzburg as Chief Executive Officer of Sartorius AG. Previously, Grosse was Chairman of the Management Board and Chief Executive Officer of Syntegon Technology GmbH, an international market leader in process and packaging solutions based in Germany, which was spun off from the Bosch Group in 2019.

Symrise AG

• It has been announced that Michael Friede will join to the Executive Board of Symrise AG. He will take over as President of the Scent & Care segment, which was ad-interim headed by Chief Executive Officer Dr. Jean-Yves Parisot. Currently, Friede serves as Chief Executive Officer of Brenntag’s Specialties business.

Volkswagen AG

• Gunnar Kilian left Volkswagen AG’s Board of Management on July 4, 2025. His responsibilities as Board Member for Human Resources were assumed by Thomas Schäfer, Chief Executive Officer of the Volkswagen Passenger Cars Brand and Member of Management Board in charge of the Brand Group Core. Kilian had served on Volkswagen’s Management Board since 2018.

Vonovia SE

• On September 17, 2025, it was announced that Michael Riedl, Chief Development Officer and member of Vonovia SE’s Management Board, will not extend his contract and will step down in May 2026.

_{This newsletter reflects movements across DAX40 Supervisory Boards and Management Boards that have occurred or been announced in Q3 2025.}

Contact

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