Heinz Hermann Thiele
Heinz Hermann Thiele | |
|---|---|
| Born | Template:Birth date Mainz, Germany |
| Died | February 23, 2021 (aged 79) Munich, Germany |
| Occupation(s) | Entrepreneur, industrialist |
| Known for | Chairman of Knorr-Bremse AG and Vossloh; major shareholder of Lufthansa AG |
Heinz Hermann Thiele (2 April 1941 – 23 February 2021) was a prominent German entrepreneur known for his leadership roles as chairman of Knorr-Bremse AG, a foremost manufacturer of automotive braking systems, and Vossloh, a company specializing in transport technology. At the time of his passing, Thiele's fortune was estimated at $20.2 billion, positioning him as the fourth wealthiest person in Germany. Additionally, he held the largest shareholding in the German airline Lufthansa AG. His achievements earned him prestigious honors such as the Order of Merit of the Federal Republic of Germany and the Bavarian Order of Merit.
Early life
Thiele was born in Mainz and experienced displacement when his family fled eastern Germany during World War II. He grew up in Vlotho and Minden, where his father, after being released from captivity in 1945, resumed his legal profession. The family endured financial difficulties following the loss of their Berlin property during the war. Completing his secondary education in 1961, Thiele went on to obtain a master's degree in law from Ludwig Maximilian University of Munich.
Career
Beginning his career at Knorr-Bremse in 1969 as a patent attorney, Thiele advanced to join the company’s executive board by 1985. When the founder’s grandson considered selling shares to avoid bankruptcy, Thiele was assigned to identify potential buyers. Prompted by Deutsche Bank's recommendation, he personally acquired a controlling interest despite limited personal finances at that time, ultimately becoming the sole proprietor. Contrary to external counsel advising diversification away from industrial brakes, he concentrated efforts on establishing Knorr-Bremse as a dominant force in railway and heavy-duty truck brake systems.
Elevated to CEO in 1987, Thiele optimized company operations with a focus on braking technology innovation. He later joined the supervisory board in 2007. Under his guidance, Knorr-Bremse executed Germany’s second-largest initial public offering in 2018, raising $3.6 billion for its shareholders. After stepping back from daily management duties in 2016, he resumed an active role as deputy chairman of the supervisory board in 2020 amid organizational challenges.
As an activist investor, Thiele emerged as Lufthansa’s principal shareholder by June 2020, increasing his ownership from 10% to 15.5% during discussions over a government-backed €9 billion bailout amid the COVID-19 crisis. He opposed state plans that would have granted the government a 20% equity stake as part of the rescue package.
Opinions about Thiele varied; while trade unions criticized him for labor-related practices, he was widely respected as an influential figure within the rail industry and regarded as a patriarchal leader. His portfolio included majority control of 59% in Knorr-Bremse and a 50% stake in Vossloh AG.
His philanthropic endeavors supported initiatives such as Knorr-Bremse Global Care, the Bavarian State Opera, Lenbachhaus art gallery, Deutsches Museum, and the Technical University of Munich.
Personal life
Thiele resided in Munich with his wife Nadia; they had two children. His daughter Julia holds a position on Knorr-Bremse’s supervisory board, while his son Henrik is an entrepreneur who founded a startup focused on electric vehicle charging technologies.
Heinz Hermann Thiele passed away in Munich on 23 February 2021 at age 79.