Mount Prospect, Ill.-based Robert Bosch Tool Corp. has announced that Manfred Seitz will retire at the end of March 2011 as chairman, president and CEO after 34 years leading several different divisions of the Bosch Group.
The company said Terry Horan will succeed as president and CEO, effective April 1, 2011.
Born in Frankfurt, Germany, Seitz joined Bosch in 1977, after completing a degree in economics, and began his career in the Blaupunkt division. He had increasingly critical roles in various Bosch divisions around the world, spending the last seven years in the United States at Power Tools.
Horan has led the worldwide Rotary Tool business of the Robert Bosch Tool Corp. for the past six years and is a 25-year veteran of the home improvement industry.
Horan has spent 13 years with Bosch Power Tools leading both the SKIL brand during the Emerson Electric–Bosch joint venture period and, more recently, as president of the Rotary Tools business, which includes Dremel and RotoZip.