Professor Thomas Bauer is planning to leave the management board of German construction and engineering firm Bauer, after 24 years as chairman of the management board, and 32 years at the head of the Bauer Group.
Bauer (62) has said he now wishes to pass on the management of the company to younger hands, and that he would like to implement the transition to the younger generation at an early stage.
At an extraordinary meeting, the supervisory board of Bauer decided that the position of chairman of the management board would be filled by an externally appointed executive. The replacement has already been chosen, but the supervisory board said that the new person could not be named yet because of their current role.
The chairman of the supervisory board, Dr Klaus Reinhardt, also announced that after a total of 17 years as a member of the board – 12 as chairman – he intended to leave the supervisory board in 2018.
The supervisory board said it supported the candidacy of Professor Bauer for membership and for the chairmanship of the supervisory board after his withdrawal from the management board.
It said the switch from the management board to the supervisory board would allow Professor Bauer to shape and accompany the transition process in the management of the family-owned company.
It was said the precise time of the planned change in the management board would depend on when the new chairman of the management board was able to assume his role.