CEO of Major Automotive Supplier Announces Retirement; Dr. Klaus Bleyer to Leave ZF Friedrichshafen AG

    FLORENCE, Ky., April 19 Dr. Klaus Bleyer, announced his
retirement as Chief Executive Officer of ZF Friedrichshafen AG (ZF), effective
June 30, 2001.  A successor will be named following the April 24 meeting of
the ZF Supervisory Board.
    Dr. Bleyer, 60, leaves ZF after 12 years with the company.  He was
appointed to the ZF Board of Management in 1989 and took the position of
Deputy Chief Executive Officer later that year.  On January 1, 1990, he became
the company's Chief Executive Officer.
    With his knowledge and extensive experience in international automotive
markets, Bleyer initiated a company wide restructuring to increased global
competitiveness.  His strategic direction focused on innovation and
globalization.  The result made ZF an industry leader, with a strong global
market presence and efficient, decentralized structures to increase customer
relations.  During his time with the company, sales and the number of
employees have doubled.
    Born in Rosenheim, Germany, Dr. Bleyer studied business management at the
University of Erlangen-Nurnberg, earning his degree in 1966.  For the next
three years, he was a scientific assistant at the University of Erlangen-
Nurnberg, where he earned a doctorate in 1969.
    His professional career began in 1969 as a financial analyst in the
corporate business management department of Standard Elektrik Lorenz AG in
Stuttgart, Germany -- part of ITT Group.  In 1972, he held the position of
controller for the radio and navigation division of SEL before moving to SWF
Auto-Electric Group, a key automotive supplier, in 1975.  During 1981, Dr.
Bleyer was appointed group executive of all companies within the SWF Group and
in 1987, he became President of the Electrical Systems Group of ITT Automotive
Inc., responsible for international component business of the ITT parent
company.
    Dr. Bleyer is Chairman of the Supervisory Board of Mahle GmbH, Stuttgart
and Bertrandt AG in Tamm, Germany, and is a member of boards and advisory
bodies of various companies and banks.  In addition, he is a member of the
Board of Governors at the University of Ulm and may join the ZF Supervisory
Committee.
    The global ZF Group, a leading automotive systems supplier of driveline
technology, steering and suspension components, is headquartered in
Friedrichshafen, Germany.  It employs more than 33,000 people worldwide and
operates over 50 facilities in 17 countries.  In 2000, the ZF Group posted
sales of $6 billion.  With sales of $1.2 billion in 1999 and sales of $1.7
billion in 2000, the ZF Group in NAFTA expects annual sales of over $2 billion
by the year 2002.  ZF Group North American Operations is headquartered in
Cincinnati, Ohio and operates 15 production sites in the NAFTA region.