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Erich Sixt, CEO and major shareholder of Germany's largest car rental company, hands the business over to his sons Alexander and Konstantin.
After the annual general meeting on June 16, the 76-year-old will leave the board of directors and then want to take over the chairmanship of the supervisory board, the company announced on Monday in Pullach near Munich.
The supervisory board appointed Alexander and Konstantin Sixt as joint chairmen of the board from June 17th.
With them, the fourth generation of the Sixt family takes over management of the company.
Alexander and Konstantin Sixt studied business administration in London and Paris and have been on the board since 2015.
You are responsible for the group strategy and for sales and are driving the consolidation and digital networking of classic car rental, car sharing and car subscriptions.
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Erich Sixt will be 77 at the end of June.
He led the company for half a century.
At the age of 25, he took over the management of the company for his sick father in 1969 with 200 rental cars and turned it into a group with a turnover of almost three billion euros.
Lockdowns and travel restrictions in the Corona crisis, however, caused sales to collapse last year.
In November Erich Sixt announced the first annual loss in the company's history.
He wants to present the balance sheet figures on Tuesday.