In this success post, we are going to share the story of Georg Schaeffler, the son of the founder of the Schaeffler Group, created a reputation for himself as an individual before recognized as a billionaire heir of the association. Scheffler AG is one of the largest producers of machine components and ball bearings and is based in Germany.
It was founded by Georg Schaeffler, the elder, and its ownership got transferred to the junior Schaeffler, followed by the death of his brother and father.
However, the junior wanted to create recognition on his own, and moved out of Germany, before returning to take over the total control of the firm.
Georg Schaeffler Childhood
Georg Schaeffler finished his high school in the year 1984 and served in the Armed Forces, rising to the rank of the lieutenant within his two years of service. In the year 1986, he joined the University of St. Gallen to pursue business administration with the 4-year course. After this, Georg started working in the Schaeffler Group at multiple positions for six years. And then moved on to the Duke University of Law in the year 1996, to study law.
Georg Schaeffler Career
A misfortune took place when Georg was in his first year with the death of his father. Although he bunged him for some time, yet he returned to complete his study. Before reverting to Duke, Georg worked on the separation of management and ownership with his mother, along with the hiring of an external CEO to manage daily operations. After completing his study, he joined the Haynes and Boone as a summer clerk. Where he was offered a full-time job at the company, while none of his colleagues knew his real background.
Georg Schaeffler Career Highlights
It was in the year 2003 when Forbes listed him along with his mother on the list of the billionaires of the world. In the year 2006, he had dealing with the firm that required him to move to Germany whenever his presence was needed for the family business. But he resigned following increased responsibilities for his family business and slowly turned his focus completely to the Schaeffler.
In the year 2008, the company took over the Continental AG, a public giant trader of tire & auto parts, which was a debt-financed deal. Sooner, the financial crisis almost crashed down the firm, forcing them into debt restructuring negotiations. Moreover, Georg came to its rescue and survived the firm from Continental Group started rising exponentially. He continued to serve as the head of the Schaeffler Group supervisory board and a member of the Continental Group Board.
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