Bosch extends CEO's contract by five years to 2031
BERLIN (Reuters) -The CEO of German auto parts supplier Bosch, Stefan Hartung, has had his five-year contract renewed for another five years, extending his tenure to 2031, the company said on Tuesday.
A company spokesperson said that Hartung's contract had been renewed as a matter of course "some time ago," confirming a report in the business news outlet Handelsblatt earlier on Tuesday.
In September, the company said it would cut 13,000 jobs as the world's top autos supplier battles a sluggish market, high costs and pressure from rivals that have left it with an annual cost gap of 2.5 billion euros ($2.9 billion).
(Writing by Friederike Heine, editing by Kirsti Knolle)
