Deutz AG extends CEO’s contract

The supervisory board of Deutz AG has extended the term of appointment of CEO Dr. Sebastian C. Schulte for a further five years, with his new term of office running until December 31, 2028.

Dr. Sebastian Schulte

“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,” said Dr. Dietmar Voggenreiter, chairman of the company’s supervisory board. “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 Jan. 1, 2021. He became CEO Feb. 12, 2022 following the dismissal of then-CEO Dr. Frank Hiller.

Under Schulte’s leadership, the group launched its Powering Progress strategy program last year, the objective of which is to prepare Deutz for the transformation of the transport sector, to further expand the service business and to grow in the classic engine business.