German billionaire and investor Klaus-Michael Kuehne, the controlling shareholder of Swiss logistics company Kuehne + Nagel, has died at the age of 89, the company announced on Monday.
Kuehne was the grandson of August Kuehne, one of the company’s co-founders. He also held significant stakes in major German companies including Lufthansa, Hapag-Lloyd and chemicals distributor Brenntag, as well as transport company Flix.
Kuehne was a major figure in the global shipping and logistics industry. He helped transform Kuehne + Nagel from a family-owned freight-forwarding business into one of the world’s largest logistics companies.
According to Forbes, his investments and holdings were worth more than $44.2 billion, making him one of Germany’s wealthiest investors.
He became chief executive officer of Kuehne + Nagel in 1975 and served as chairman of its board from 1992 to 2011.
Kuehne also played an important role in preserving Hapag-Lloyd’s Hamburg-based container shipping business. In 2008, he brought together a group of investors that agreed to acquire the business from TUI, preventing it from being absorbed by a global competitor.
He later acquired a 20% voting stake in Lufthansa Group, further strengthening his influence among Germany’s major family investors.
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