Maria-Elisabeth Schaeffler Net Worth

Maria-Elisabeth Schaeffler was born in Herzogenaurach, Germany, Germany. Maria-Elisabeth Schaeffler-Thumann and her son, Georg, 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). In 2008, Schaeffler Group announced a $15-billion, debt-financed takeover of publicly traded tire and auto parts giant Continental AG. Her son (also named Georg), who had been practicing international business law in Dallas, joined her in running Schaeffler in 2009. For a while, in the wake of the ensuing worldwide financial crisis, it looked as if the high-wire act might 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. While her son leads a secluded life in, Maria-Elisabeth is the public face of Schaeffler. She has received various accolades for her entrepreneurial and civic achievements, as well as for her commitment to social issues and cultural organizations. In 2014, she married Juergen Thumann, former head of the German industrial organization BDI, where she is a member of the executive committee.
Maria-Elisabeth Schaeffler is a member of Automotive