Early Life
Georg Friedrich Wilhelm Schaeffler was born on October 19, 1964, in Erlangen, Germany. He is the only child of Georg Schaeffler and Maria-Elisabeth Schaeffler-Thumann. His father co-founded Industrie-Nadel GmbH (later INA and the core of Schaeffler Group) in 1946. Schaeffler's early life was marked by the expansion of his family's business, which became a global supplier of precision components for automotive and industrial applications. He served two years in the German armed forces, reaching the rank of lieutenant in the air force reserves.
Rise to Success
Schaeffler's career includes significant academic achievements, earning a licentiate in business economics from the University of St. Gallen in Switzerland and a Juris Doctor and Master of Laws from Duke University in the United States. He worked within the Schaeffler Group from 1990 to 1996, gaining valuable industry experience. After graduating from Duke University School of Law, he practiced as a business lawyer in Dallas, Texas, from 2000 to 2006. In 2009, he took an active role in the family business. He became Chairman of the Supervisory Board of Schaeffler AG in 2010 and joined the Supervisory Board of Continental AG.
Key Business Strategies
Schaeffler's business strategies include the expansion of the company through key acquisitions. In 1999 he took over the German automotive manufacturer LuK GmbH, and in 2002, the German producer of ball bearings FAG Kugelfischer. In 2008, Schaeffler Group acquired a majority stake in Continental AG. He has also focused on innovation and sustainability in the automotive and industrial sectors.
Philanthropy
The Schaeffler family is involved in philanthropic activities through the Schaeffler Foundation. The foundation supports education, research, and social initiatives in Germany and internationally. Schaeffler has supported organizations such as Doctors Without Borders and local educational initiatives. During the COVID-19 crisis, Schaeffler AG and the Schaeffler family donated to the Red Cross.