The Supervisory Board of Deutz today decided on the early extension of the term of appointment of CEO Sebastian C. Schulte. He has now been appointed for a further five years, with his new term of office running until December 31, 2028.
Dietmar Voggenreiter, Chairman of the Supervisory Board of Deutz: “Following on from the new appointments to the Board of Management at the end of last year, this is another key step in preparing Deutz for the challenges of the future. The encouraging business performance over the course of 2022 proves that we are on the right track. Extending the term of appointment ensures stability for the Board of Management. I look forward to continuing our constructive and successful working relationship.”
Schulte has been a member of the Board of Management since January 1, 2021, and CEO of Deutz since February 12, 2022. Under his leadership, the Group successfully launched the Powering Progress strategy program last year. Its objective is to prepare the Group for the transformation of the transport sector, to further expand the service business, and to grow in the classic engine business.
Deutz: Schulte explaining the “Powering Progress” strategy program
Deutz continues to pursue its growth strategy with a clear framework for further business expansion. Through its Powering Progress strategy program, Deutz is actively engaging with the challenges of the shift to greener transportation and responding to the key market requirements of taking the internal combustion engine forward and developing new drive technologies. To achieve additional growth and greater profitability, Deutz has adopted the Dual+ strategy, which includes a new zero-emission product ecosystem alongside its core business in optimized internal combustion engines. Both segments will be supported through the global expansion of the high-margin service business.
The long-term goal of the restructured management team led by CEO Sebastian C. Schulte is to permanently establish Deutz among the top three independent drive manufacturers and to offer a fully carbon-neutral product and technology portfolio by no later than 2050.
Sebastian C. Schulte: “We want our engines to keep the world moving in the future, too. The industry sectors that make up our customer base are in the middle of a fundamental shift toward greater carbon neutrality. Transforming transportation is a huge task, but also a business opportunity for us. Through our Powering Progress strategy program, we aim to make the most of such opportunities, continue to grow profitably, and ensure that our business is carbon-neutral along the entire process chain by 2050.”