Carsten Knobel

“I strongly believe in empowerment, enablement, and fostering an open feedback culture. I encourage everyone to be brave and venture new ideas and concepts. In the end, you’re not winning this game alone. You can have many individual players, but if you’re not working as a team, it’s not possible to win.

— Carsten Knobel

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Overview

Carsten Knobel
Born	1969 (age 56–57) Marburg, West Germany
Citizenship	German
Education	Business administration; technical chemistry
Alma mater	Technical University of Berlin; Harvard Business School (executive education)
Occupation	Business executive
Employer(s)	Henkel AG & Co. KGaA
Known for	Chief executive officer of Henkel; "Purposeful Growth" strategy
Title	Chief executive officer
Term	2020–present
Predecessor	Hans Van Bylen
Board member of	Deutsche Lufthansa AG (supervisory board); Fortuna Düsseldorf (deputy chairman of the supervisory board)
Children	2

🌍 Carsten Knobel (born 1969) is a German business executive who has served as chief executive officer (CEO) of Henkel AG & Co. KGaA since 1 January 2020, after more than two decades in various management roles at the consumer goods and adhesives group. Trained in both business administration and technical chemistry, he rose through Henkel's beauty care and corporate functions before becoming chief financial officer (CFO) in 2012 and later CEO. As chief executive he has championed a "Purposeful Growth" agenda focused on portfolio reshaping, innovation, sustainability and digitalisation, overseen the merger of Henkel's consumer divisions into a single Consumer Brands unit and led the company's exit from the Russian market following the invasion of Ukraine. Under his leadership Henkel returned to growth, improved profitability and delivered total shareholder returns that outperformed major European indices in 2024, while he acquired a public profile as a down-to-earth, stakeholder-oriented leader with a strong interest in sport and social engagement.

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Early life and education

🎓 Childhood and early interests. Knobel was born in 1969 in the central German town of Marburg, where he grew up in a relatively modest environment that combined academic ambition with everyday normality. As a boy he developed a strong enthusiasm for football and became a supporter of Hertha BSC, the Berlin club he later continued to follow during his student years. Alongside sport he played in a youth orchestra, an experience he has described as formative for his understanding of teamwork, discipline and the balance between individual performance and collective success.

🎼 Studies in chemistry and business. After finishing school, Knobel moved to Berlin to study at the Technical University of Berlin, where he pursued an unusual combination of business administration and technical chemistry. This dual qualification gave him both a commercial and a scientific grounding and later proved well suited to a diversified chemicals-based consumer goods group such as Henkel. In interviews he has emphasised that the ability to translate between laboratory research, manufacturing processes and financial metrics became an important asset in his management career. To complement his German university training, he later attended executive education programmes at Harvard Business School, reinforcing his strategic and international outlook.

🧭 Student entrepreneurship after German reunification. During the early 1990s, a period of rapid change following German reunification, Knobel briefly tested an entrepreneurial path by running a small trading venture between eastern and western Germany while still a student. The business involved buying and selling goods across the former inner-German divide and confronted him with practical issues of logistics, pricing and cultural differences. Although he ultimately opted for a corporate career, he has recalled that the experience left him with a pragmatic willingness to take calculated risks and a sensitivity to regional specificities in markets, traits that later informed his approach to acquisitions and international expansion.

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Career

🏢 Entry into Henkel and early roles. Knobel joined Henkel in 1995 shortly after completing his studies, starting as an assistant to the board member responsible for research and development. The position exposed him early to senior decision-making and to the innovation processes that underpin Henkel's portfolio of detergents, beauty care products and industrial adhesives. He soon moved into the Beauty Care division, where he worked in controlling and business development before becoming responsible for international marketing controlling for the haircare business and later international marketing manager for the Schwarzkopf styling brand Taft. These posts broadened his operational experience and strengthened his understanding of brand management, category economics and global product launches.

📈 Business development and the Dial integration. In the early 2000s Knobel advanced to director of business development for Beauty Care and played a prominent role in Henkel's acquisition of the United States company Dial Corporation, a large transaction that expanded Henkel's presence in North America. In this capacity he coordinated key finance-related processes involved in integrating Dial's consumer brands into Henkel's global operations, from valuation and synergy planning to post-merger controlling. According to trade press and internal accounts, the successful integration of Dial was an important demonstration of his ability to manage complex, cross-border projects and contributed to his reputation as a reliable architect of inorganic growth.

🧮 Strategy, controlling and appointment as CFO. In 2006 Knobel was promoted to corporate vice president with responsibility for corporate strategy and controlling, giving him oversight of group-wide planning and performance management as Henkel sharpened its focus on return-driven growth. He later combined this role with duties as financial director for the Beauty Care business, adding direct operational accountability. In July 2012 he joined Henkel's management board as chief financial officer, taking charge not only of finance but also of purchasing and the company's Integrated Business Solutions unit. As CFO he championed the expansion of shared services and the consolidation of finance and IT functions into a single global organisation, a move intended to streamline processes, lower costs and improve the quality and comparability of data across regions.

🪑 Selection as CEO amid strategic debate. In October 2019 Henkel's supervisory bodies announced that Knobel would succeed Hans Van Bylen as CEO with effect from 1 January 2020, making him the third consecutive internal candidate to lead the 19th-century family-influenced group. The decision was welcomed by Henkel chairwoman Simone Bagel-Trah, who described him as an excellent successor with strong capital-market credibility, but it also triggered critical commentary from some analysts and investors who argued that the company needed an external leader to tackle what they saw as structural strategic and cultural shortcomings. Commentators noted that as a member of the existing management board Knobel had been part of a period of lacklustre growth, and some questioned whether he would depart sufficiently from the status quo. Knobel himself later acknowledged that he asked whether he was the right person for the role, but pointed to his long tenure and familiarity with Henkel's culture and portfolio as strengths in implementing change.

🦠 Leading through the COVID-19 crisis and launching the "Purposeful Growth" agenda. Knobel assumed the CEO position shortly before the onset of the COVID-19 pandemic in early 2020, which severely disrupted global supply chains and suppressed demand in several of Henkel's markets. He characterised his first year as dominated by crisis management but insisted on pursuing a strategic course oriented towards long-term growth rather than purely defensive cost cutting. In January 2020 he introduced the "Purposeful Growth" agenda, a framework built around four pillars: shaping a winning portfolio, establishing a competitive edge in innovation, strengthening sustainability and accelerating digitalisation, all supported by a performance- and culture-driven organisation. Even in the midst of the pandemic he approved higher levels of investment in brands and innovation, arguing that sustainable recovery required the ability to attract consumers and customers with differentiated offerings rather than relying solely on efficiency measures.

🧩 Reorganisation of consumer businesses and portfolio strategy. A central structural move under Knobel's leadership was the decision in 2022 to combine Henkel's Laundry & Home Care and Beauty Care divisions into a single Consumer Brands business unit, a reorganisation completed in 2023. The combination was designed to simplify the portfolio, create scale in marketing and distribution and deliver synergies estimated at around €500 million in cost savings, which could be reinvested in priority brands and innovation projects. In public statements Knobel has emphasised a strategy of growing the consumer business both organically and through acquisitions, while maintaining discipline on valuation and integration risk. He declined to pursue a widely discussed potential acquisition of Coty's Wella haircare unit, a stance that some critics interpreted as cautious but which he defended as consistent with Henkel's return criteria. At the same time he resisted calls to separate the Adhesive Technologies division from the consumer businesses, arguing that the combination diversified cash flows and provided financial strength for investment across cycles.

💹 Financial performance under his tenure. After an initial downturn in 2020 linked to the pandemic, Henkel's results improved under Knobel. The company reported organic sales growth and a significant increase in adjusted EBIT margin in 2023 and 2024, reflecting portfolio measures, price and mix effects and cost discipline. In 2024 Henkel twice raised its full-year outlook as profitability outpaced earlier expectations, and the preferred shares delivered a total return that exceeded both the DAX and the STOXX Europe 600 indices. In his communications with shareholders Knobel cited the margin expansion of more than two percentage points between 2022 and 2024 as evidence that the "Purposeful Growth" agenda was gaining traction, while cautioning that competition from global peers remained intense.

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Financial profile and external roles

💶 Compensation structure and level. As CEO of a major DAX-listed industrial group, Knobel receives a remuneration package comprising a fixed base salary, short-term performance-related bonuses and long-term share-based incentives. For the 2021 financial year his total compensation was reported at roughly €7.05 million, including around €1.33 million in fixed salary, €3.1 million in annual bonus and €2.6 million from long-term incentive components. In subsequent years his pay remained in a similar range, positioning him broadly in the middle of the DAX CEO pay distribution and below the highest-paid chiefs in sectors such as automotive and technology. The variable elements of his package are tied partly to Henkel's share price performance and to relative total shareholder return measures, linking his long-term rewards to multi-year value creation.

📊 Shareholdings and estimated wealth. Public filings do not indicate that Knobel holds a substantial personal equity stake in Henkel; his direct and indirectly related shareholdings are understood to represent a fraction of one per cent of the company's capital, largely consisting of shares acquired through management incentive plans. Unlike founder-CEOs whose personal wealth is dominated by shareholdings, his net worth is primarily the result of cumulative executive compensation and diversified private investments. Analysts therefore categorise him as a professional manager rather than an entrepreneurial owner, with personal financial interests broadly aligned with Henkel's long-term performance but not dependent on a controlling stake.

✈️ Supervisory mandates and football governance. Alongside his executive duties at Henkel, Knobel serves as a member of the supervisory board of Deutsche Lufthansa AG, Germany's largest airline, contributing industrial and financial expertise to the oversight of the aviation group. He also holds the position of deputy chairman of the supervisory board of Fortuna Düsseldorf, a professional football club competing in Germany's Bundesliga 2, reflecting his long-standing passion for the sport as well as his interest in regional civic life. These mandates provide additional, though comparatively modest, income and broaden his exposure to corporate governance challenges in sectors beyond consumer goods and chemicals.

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Leadership style and personal life

🏠 Family life and personal demeanour. Knobel is married and has two children, and colleagues and journalists consistently describe him as a family-oriented and personally reserved figure who maintains a clear separation between public corporate duties and private life. In German media profiles he has been characterised as "bodenständig"—down-to-earth and unpretentious—reflecting both his origins in a small town and his long internal career at a single company rather than a succession of high-profile moves. He has stated that being at home in the evenings when possible and maintaining everyday routines are important stabilising factors amid the pressures of leading a global group.

⚽ Football enthusiasm and team analogies. Away from the office, Knobel is an enthusiastic sports fan, particularly of football. He has supported Hertha BSC since his student days in Berlin and also follows Fortuna Düsseldorf, the club on whose supervisory board he serves. He has spoken openly about the emotional ups and downs of seeing both clubs relegated and the way in which such experiences reinforce loyalty and resilience. In management discussions he frequently draws analogies from team sports, arguing that even a highly visible CEO cannot "win the game" alone and that success depends on the coordinated efforts of a strong, empowered team. He is known internally for promoting an open feedback culture and for seeking broad input before major decisions, while ultimately insisting on clear accountability for results.

🎵 Cultural interests and lifestyle. Knobel retains an interest in music rooted in his youth orchestra experience and has supported Henkel's sponsorship of cultural events, including classical performances. His personal style is widely described as understated; he favours conventional business attire and, according to reports, often cycles to Henkel's Düsseldorf headquarters when circumstances allow rather than relying on a driver. Former colleagues have dubbed him an "unspectacular overachiever", a phrase used to capture the combination of methodical preparation, attention to detail and absence of ostentatious behaviour associated with his leadership. He is also an amateur long-distance runner and has mentioned early-morning training sessions and reading the newspaper with coffee as part of the routines that help him manage stress and maintain perspective.

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Controversies, critics and challenges

📰 Initial scepticism about his appointment. Knobel's elevation from CFO to CEO in 2019 triggered scrutiny from investors and commentators who questioned whether an internal candidate closely associated with the previous leadership could deliver the strategic reset they considered necessary. Some analysts argued that Henkel risked "underwhelming the market" if it did not pursue bolder changes, including potential portfolio disposals or transformative acquisitions, and expressed concern that his approach might be overly cautious. These early doubts framed much of the external narrative around the start of his tenure and heightened expectations that he demonstrate willingness to take decisive, sometimes uncomfortable, decisions.

🪖 Russia, Ukraine and the decision to exit. The most consequential test of Knobel's leadership came in the wake of Russia's invasion of Ukraine in February 2022. Henkel had built up a sizeable Russian business over three decades, representing about 5 per cent of group sales and employing roughly 2,500 people, and it was regarded internally as highly profitable. Within days of the invasion, the company suspended advertising and new investments in Russia but initially maintained local production, a stance that drew increasing criticism from media, politicians and some shareholders as reports of atrocities emerged. At the annual general meeting, Knobel faced pointed questions about why Henkel was slower than some peers to commit to a full withdrawal, and one journalist labelled him an "unsensibles Panzernashorn"—an "insensitive armoured rhinoceros"—for his perceived reluctance to move quickly. He later described the period as marked by sleepless nights and intense internal debate over how to balance moral responsibility, employee welfare and fiduciary duties.

🚪 Implementation and consequences of the Russian exit. After consultations with Henkel's shareholder committee and external advisers, Knobel announced that Henkel would completely exit the Russian market, a decision made within weeks of the invasion. The company subsequently sold its Russian operations to a local investor consortium in a transaction completed in April 2023, thereby relinquishing a profitable business and approximately €1 billion in annual revenue. Academic and media surveys later identified Henkel as one of a minority of Western firms that fully divested from Russia, as many others opted for partial retrenchment or indefinite suspensions of activity. Knobel has stated that, despite the financial cost, he would make the same decision again and regards the exit as consistent with Henkel's values and its long-term reputation.

🌱 Sustainability ambitions and ESG debate. Under Knobel, Henkel has positioned sustainability as a central pillar of its corporate strategy, with targets including climate-positive operations by 2030, greater use of recyclable packaging and increased sourcing of renewable energy. During periods of cost pressure he has argued publicly against cutting environmental investments, warning that companies which fail to adapt to the climate transition risk being left in "fast-dying" industries. While this stance has generally been welcomed by institutional investors focused on environmental, social and governance (ESG) criteria, some commentators have questioned whether the scale of Henkel's sustainability spending is optimal or risks diluting short-term profitability. Knobel has responded that sustainability is integral to competitiveness and brand relevance rather than a purely reputational add-on.

👥 Diversity, social issues and reputation. In the social dimension of ESG, Knobel has expressed consistent support for greater gender diversity and inclusion in leadership, with Henkel setting targets for an equal gender split in management positions and reporting regular progress. He has indicated that the company will not reverse course on diversity initiatives in response to political backlash, arguing that clarity of direction is important for organisational culture. Under his tenure Henkel avoided prominent personal scandals or major compliance failures, and media descriptions of him, including from critics, often underline his straightforward and honest manner rather than confrontational rhetoric. The main lines of criticism directed at him have related to business performance and perceived caution, though improved results in 2023–2024 moderated earlier calls for more radical restructuring.

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Other activities and legacy

🧪 Dual fluency in science and management. Observers frequently highlight Knobel's combination of technical chemistry and business training as a distinctive feature among large-cap European CEOs. It enables him to engage in detailed discussions about the formulation of adhesives, detergents and personal-care products while simultaneously assessing their commercial viability and financial impact. Within Henkel, which traces its origins to a chemicals-based laundry detergent launched in 1876, this dual fluency has been seen as helpful in bridging the perspectives of scientists, engineers and financial stakeholders and in underlining the company's self-image as both an industrial and a consumer-facing innovator.

🤝 Community engagement and stakeholder orientation. Knobel has long been associated with Henkel's "MIT" initiative ("Miteinander im Team", or "Together in Team"), which supports employee volunteering projects and community organisations in areas such as education, social inclusion and disaster relief. Under his leadership Henkel refrained from large-scale pandemic-related layoffs and avoided drawing on extensive state aid during the COVID-19 crisis, choices that were interpreted by some commentators and employee representatives as evidence of a stakeholder-oriented philosophy that weighs long-term relationships against short-term cost savings. He has also encouraged corporate donation campaigns in response to humanitarian emergencies, framing them as expressions of Henkel's longstanding family-influenced values.

🚀 Assessment and outlook. Commentators often describe Knobel's leadership style as methodical and disciplined rather than flamboyant, with an emphasis on preparation, continuity and incremental improvement. He is said to keep a detailed notebook of decisions and lessons learned, a habit dating back to his CFO years, and occasionally uses self-deprecating humour in town-hall meetings to defuse tension after difficult quarters. As Henkel approaches its 150th anniversary in 2026, his tenure is likely to be judged by the extent to which the "Purposeful Growth" agenda delivers sustained margin and growth improvements while advancing the company's sustainability and innovation goals. Summarising his philosophy in one interview, he argued that companies which want to "aspire and survive in the long term" must grow rather than rely solely on efficiency gains, a formulation that encapsulates his blend of financial discipline and forward-looking ambition.

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