FRANKFURT, Sept 13 (Reuters) - German auto parts maker Schaeffler will not extend the contract of Chief Executive Juergen Geissinger, who engineered the leveraged takeover of three-times larger rival Continental AG, Manager Magazin Online reported.
Owner Maria-Elisabeth Schaeffler felt Geissinger was "no man for the future", the website reported, citing what it said was his authoritarian management style.
A spokesman for the ball bearings and clutch maker noted Geissinger's current mandate lasts until the end of 2014 and said discussions on whether it should be renewed only begin one year in advance at the earliest.
"Neither are negotiations pending, nor is this at all an issue currently," he said.
Geissinger twice made headlines with unsolicited bids for down-on-their-luck German rivals, ruffling the feathers of management elites known for their clubby relationships in Germany.
First he effectively doubled Schaeffler's size by acquiring listed bearing maker FAG Kugelfischer in 2001. Years later he borrowed a page from Porsche SE's attempted "stealth" takeover approach for Volkswagen, building a virtual stake of 36 percent in Continental via cash-settled call options in the summer of 2008.
No disclosure thresholds were crossed because the shares remained in the hands of banks, who held the stock as a hedge. And before Continental's management even knew of the approach the takeover was effectively a done deal, leaving the company's executives to negotiate no more than the precise terms of the deal. (Reporting by Christiaan Hetzner; Editing by David Holmes)