November 29, 2017 / 6:51 PM / a year ago

Auto supplier ZF chairman resigns

FRANKFURT, Nov 29 (Reuters) - German automotive supplier ZF Friedrichshafen said on Wednesday that its supervisory board chairman , Giorgio Behr, was stepping down.

A company spokesman said Behr was giving four weeks’ notice, but declined to comment further.

Germany’s Handelsblatt newspaper earlier reported Behr’s departure, saying the move was due to a power struggle between Behr and the company’s owners over strategy after they blocked a takeover of U.S. commercial vehicle parts supplier Wabco Holdings.

The unlisted supplier based in Friedrichshafen, a town on the shores of Lake Constance, wants to cut its dependence on combustion-engine cars, and has sought to build up its expertise in components for autonomous and electric vehicles.

Earlier this year, ZF took a 40 percent stake in German lidar maker Ibeo Automotive and made an unsuccessful $515 million bid for Swedish brake systems group Haldex. (Reporting by Ralf Banser, writing by Emma Thomasson; Editing by Susan Fenton)

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