The Robert Bosch Tool Corporation announced on January 13 that Terry Horan will succeed Manfred Seitz as president and chief executive officer, effective April 1, 2011.
Seitz will retire the end of March 2011 as chairman, president, and chief executive officer of the Robert Bosch Tool Corporation after 34 successful years leading several different divisions of the Bosch Group.
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.
With a long-term focus on sustaining the future, Seitz led Power Tools through the last few years of challenging economic conditions in the construction industry to a strong finish in 2010.
Horan has led the worldwide Rotary Tool business of the Robert Bosch Tool Corporation for the past six years, engineering a successful turnaround for the Dremel brand resulting in double-digit sales increases over the past several years.
A 25-year veteran of the Home Improvement Industry in North America, Horan has a strong sales, marketing and general management background. He 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.
Horan holds an MBA degree from the University of Notre Dame and a BS Marketing degree from Northern Illinois University. He is actively involved on academic and athletic boards and advisory councils at Northern Illinois University.
A native of Mount Prospect, Ill., the home of Robert Bosch Tool Corporation in North America, Horan is a local leader with industry acumen and strong community ties.
The Bosch Group is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer good and building technology, some 275,000 associates generated sales of $53 billion (38.2 billion euros) in fiscal 2009. The Bosch Group comprises Robert Bosch GmbH and its more than 300 subsidiaries and regional companies in over 60 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. This worldwide development, manufacturing, and sales network is the foundation for growth. Each year, Bosch spends more than $5 billion (3.5 billion euros) for research and development, and applies for some 3,800 patents worldwide.