German billionaire Klaus-Michael Kuehne dies at age 89
German investor Klaus-Michael Kuehne, the controlling shareholder of Swiss logistics group Kuehne + Nagel KNIN.S, has died aged 89, the company said on Monday.
German billionaire Klaus-Michael Kuehne passed away at the age of 89, according to a statement from his logistics company Kuehne + Nagel. Kuehne, the grandson of the company's co-founder, also held significant shares in German firms Lufthansa, Hapag-Lloyd, and chemicals trader Brenntag. He was a key figure in expanding Kuehne + Nagel from a family freight forwarder to a massive global logistics enterprise, amassing a fortune valued at over $44.2 billion by Forbes.
Kuehne took over as CEO in 1975 and served as chairman until 2011. His family connections in northern Germany led him to acquire Hapag-Lloyd's Hamburg container shipping division from TUI in 2008, averting a potential merger with a larger competitor.
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Also reported by 1 other outlet
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