FRANKFURT (Reuters) - Germany's Knorr-Bremse KBX.DE said Chief Executive Bernd Eulitz would quit the brakes maker after just 10 months in office due to "profound" differences over strategy with the supervisory board chairman.
The company said on Wednesday that Eulitz’s resignation was by mutual consent and would be effective Aug. 31. It came after “a growing strain on the relationship between Mr. Eulitz and the Chairman of the Supervisory Board,” Klaus Mangold, Knorr said in a statement.
The group, which competes with Wabco WBC.N in the commercial vehicle brakes market, said its business performance was not in question.
The search for a successor was already on and should be concluded in the coming weeks, Mangold said in the statement.
Reporting by Ludwig Burger; Editing by Chris Reese and Leslie Adler
Our Standards: The Thomson Reuters Trust Principles.