Klaus G. Lederer, Chairman of the Supervisory Board of
FAG Kugelfischer Georg Schaefer AG (Germany), has resigned.
He will be replaced by Hans Rolf Koerfer, who becomes the
third Chairman of FAG's Supervisory Board in under a year.
Mr. Lederer was appointed in December 2001 to replace Kajo
Neukirchen, who resigned shortly after INA
Holding Schaeffler KG successfully
forced its acquisition of FAG.
However, Mr. Lederer is now considered highly controversial
due to a number of questioned business dealings in Germany.
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