Georg Schaeffler Net Worth

Georg Schaeffler was born on October 19, 1964 in Herzogenaurach, Germany, Germany. Georg Schaeffler and his mother, Maria-Elisabeth Schaeffler-Thumann, are the proprietors of Schaeffler Group, one of the world's largest producers of ball bearings and machine components. In 1946, Wilhelm Schaeffler and his brother Georg (Maria-Elisabeth's husband) founded the manufacturer that became known as INA, which initially only produced wooden buttons and belt buckles. The ball bearing assembly known as the needle cage, which became the foundation for the company's success, was developed by Georg in 1949. Maria-Elisabeth took over in 1996, following the death of Georg (Wilhelm Schaeffler died in 1981). Her son (also named Georg), who served two years in the German armed forces, worked for Schaeffler Group from 1990 to 1996. Following his father's death, Georg studied law in the U.S. and wound up practicing international business law in Dallas. (His younger brother Christian died from an electric shock in 1975, after a hair dryer fell into the bathtub.) In 2008, Schaeffler Group announced a $15-billion, debt-financed takeover of publicly traded tire and auto parts giant Continental AG. Georg joined his mother in running Schaeffler in 2009. For a while, in the wake of the worldwide financial crisis, it looked as if the high-wire act might all come crashing down. But as the auto market rebounded, Continental's share price soared and the Schaefflers continued to pay down debt via Continental share sales and excess cash flow. Through Schaeffler Group and its parent, Schaeffler Verwaltungs GmbH, Maria-Elisabeth and Georg now own 46% of Continental. In 2015, they took Schaeffler public and within half a year sold all preferred non-voting shares of the company. Georg is the head of the supervisory board of Schaeffler Group and a member of the supervisory board of Continental. He rarely appears at public events or gives interviews, and leads a secluded life in the U.S.
Georg Schaeffler is a member of Automotive