HERZOGENAURACH (dpa-AFX) - The company matriarch of Franconian automotive and industrial supplier Schaeffler, Maria-Elisabeth Schaeffler-Thumann, is stepping down from her position and will remain on the board only as an honorary member. The change is to take place at the Annual General Meeting on April 20, Schaeffler announced on Friday. This marks the end of an almost unique career for female entrepreneurs in Germany after around three decades. Schaeffler-Thumann is considered one of the richest people in the country.

"The last three decades of my life have been marked by my commitment to the Schaeffler company and the large Schaeffler family. I will remain closely associated with the company as a shareholder in the future and am happy to leave an orderly house to the next generation," Schaeffler-Thumann said on Friday.

The 81-year-old is to be replaced on the supervisory board by former CDU politician Katherina Reiche. Reiche is chairwoman of the executive board of the energy supplier Westenergie and is considered a hydrogen expert./dm/DP/he