Jungheinrich CFO exits as earnings plummet and market value shrinks

Jungheinrich, the industrial truck manufacturer, has announced a major change in its leadership team. The company’s chief financial officer, Heike Wulff, will leave after her contract was not renewed. Meanwhile, first-quarter earnings have fallen sharply, adding pressure to the business as its market value continues to decline. The supervisory board and Heike Wulff reached a mutual agreement not to extend her executive mandate. As a result, she will step down from her role as CFO. Lars Brzoska, the company’s CEO, will take over financial operations on an interim basis until a permanent replacement is found.

The leadership change comes at a difficult time for Jungheinrich. Its earnings before interest and taxes (EBIT) for the first quarter dropped by half compared to the same period last year. The decline was partly caused by strong competition in the sector and a strike at its Lüneburg production site. The company’s financial struggles have also affected its stock performance. Since late 2025, its market capitalisation has fallen by nearly 30 per cent, now standing at around €2.6 billion. Jungheinrich remains majority-owned by the founder’s family, with 54 million voting shares—53 per cent of the total—split equally between the descendants of Friedrich Jungheinrich’s two daughters. The remaining 45 million non-voting preferred shares are publicly traded on the MDAX.

With Brzoska temporarily overseeing finance, Jungheinrich must now stabilise its operations and find a new CFO. The company faces ongoing challenges from weak earnings and a shrinking market value. A permanent replacement for Wulff will need to address these issues in the coming months.