Schaeffler AG has decided to shifts strategy and replaced Juergen Geissinger as CEO, effective immediately. The company’s CFO, Klaus Rosenfeld, will assume the role of CEO on an interim basis, the company said.

The departure of Geissinger is immediate and by mutual consent, the German-based company said.

“With today’s change of leadership we have paved the way for the future reorientation of Schaeffler Group and its leadership,” Georg F. W. Schaeffler, chairman, said in the statement. “We thank Dr. Geissinger for his work and contribution to the success of our company.”

Geissinger’s current contract would have expired at the end of 2014. Earlier last month it was reported that Schaeffler did not intend on extending Geissinger’s contract.

Following its debt-financed takeover bid for Continental in 2008, Schaeffler’s liabilities soared, putting Geissinger under pressure.

Schaeffler recently sold a portion of its Continental shares in an effort to reduce its debts.