Herbert Diess becomes chairman of the chip manufacturer Infineon
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In 1999, the 175-year-old German company Siemens spun off its semiconductor division into a company called Infineon, based just outside of Munich. Since then, Infineon has only grown. With the takeover of the US chip manufacturer Cypress Semiconductor in 2020, Infineon claims to have become one of the top 10 chip manufacturers in the world with the automotive industry as its main customer. Ex-Volkswagen CEO Herbert Diess would have understood the inner workings of Infineon at the time of the Cypress purchase, because he was a member of Infineon’s supervisory board from 2015 to 2020. Diess found his way back from the VW job in September of this year. His leadership style and work council disputes, along with the ongoing costs and missteps on an ambitious electrification path, were too much for the board and the controlling families. In the “Landing on Your Feet” file, the Financial Times reports that Diess will be elected Chairman of the Infineon Supervisory Board on February 16, 2023.
In the last three years we have all learned the importance of chip making for almost everything. Infineon is not only expanding geographically, planning a new factory in Germany to follow the new factories in Hungary and Singapore, but also expanding within the transportation industry. The German company signed a multi-year deal with Stellantis potentially worth more than $1 billion, adding to the deals it already has with OEMs like Hyundai and BYD and suppliers like ZF Friedrichshafen. VW has been an Infineon customer for more than a decade, both parties announce the connections. In 2019, Infineon issued a publication titled “Volkswagen relies on Infineon for its electric future”. In August last year, VW put together a US cross-country drive of the ID.4 to demonstrate the charging potential of electric vehicles. The ID.4 alone is said to contain 50 Infineon chips.
Diess’ assumption of office is subject to a confirmation vote at Infineon’s annual general meeting in February. This appears to be a formality, barring revelations until then. Outgoing CEO Wolfgang Eder said: “Given the extremely challenging environment in which Infineon operates, I am delighted to be able to work with Dr. Herbert Diess the ideal candidate to succeed me. He has excellent knowledge of the company and the industry landscape.” He joins another recently hired CEO, Jochen Hanebeck, who assumed the position in April.
In related news closer to home, an Infineon representative said the company sees the chip crisis easing in the summer of 2023.
