New direction for car parts maker Schaeffler as CEO quits

The troubled German car parts manufacturer Schaeffler has announced the resignation of its chief executive Juergen Geissinger. He will be replaced, with immediate effect, by finance chief Klaus Rodenfeld, who will step in as interim chief executive.

The company is looking to reorientate its strategy; Geissinger's departure was, it said today in a statement, by "mutual consent". His contract was due to expire towards the end of next year.

The company has been in trouble since 2008 when, before the financial crisis, Geissinger initiated a takeover bid for manufacturer Continental. The offer was accepted by more investors than expected, leaving the company with about €9bn of debt.