Renk’s Former CEO Quits VW Bid as Gearmaker Confronts Index Expulsion and a Record Backlog

Susanne Wiegand withdraws from Volkswagen board to focus on defence. Renk stock down 15% YTD after index ejection; management roadshows showcase record order backlog of €6.9B.

Susanne Wiegand, who steered Renk through its stock market debut, has withdrawn her candidacy for Volkswagen’s supervisory board. The former chief executive will now devote herself exclusively to the security and defence sector, a move market watchers interpreted as a clear signal ahead of VW’s annual general meeting.

At Renk itself, the leadership transition is long settled. Alexander Sagel took the helm in February 2025, and the supervisory board pre-emptively extended his contract to 2032 in May. Sagel’s mandate is to push the gearbox specialist deeper into its military and industrial core, a strategy that continues to benefit from sustained demand for drive systems in armoured vehicles.

Yet the operational strength has not translated into share price performance. The stock closed Thursday at €46.83, leaving it roughly 15% lower year-to-date. A significant part of the selling pressure is mechanical: on the coming Monday, Renk will be ejected from the iSTOXX Centenary Select index, forcing index funds to unwind their positions. The shares now trade more than 47% below their 12-month peak, and the chart offers little comfort. The price sits well under the 50-day moving average and is about 19% away from the long-term 200-day line at €57.86, with the relative strength index hovering in neutral territory.

To counter the negative sentiment, management is taking the roadshow approach. On 22 June the board will field questions from institutional investors in London, followed by a meeting in Baden-Baden two days later. The goal is to showcase the resilience of the business model — and the numbers provide ample ammunition.

In the first quarter, Renk’s order backlog hit a record €6.9 billion, of which €2.6 billion is already firmly committed. That effectively covers the full-year revenue target of more than €1.5 billion. Jefferies recently trimmed its price target from €78 to €70, citing a challenging market environment, but kept a “Buy” rating, describing Renk as one of the most attractive names in land systems.

Alongside the financials, the company is pushing ahead with its strategic makeover. At the Eurosatory defence exhibition in Paris, Renk is presenting itself as a system integrator rather than a mere component supplier. A new gearbox targets the armoured wheeled-vehicle market, reducing dependence on traditional tracked platforms. Together with Finnish partner Patria, Renk is showcasing an unmanned heavy ground vehicle equipped with drive-by-wire technology that controls acceleration and braking electronically — a prerequisite for future autonomous NATO land systems.

For 2026, the group is targeting adjusted operating profit of between €255 million and €285 million. The immediate task for management, however, is to arrest the technical downtrend. Whether the roadshows can win back institutional buyers will become clearer next week.