Chief Executive Officer (Chairman of the Executive Board), Fraport AG
Young Economist mit Dr. Stefan Schulte (CEO der Fraport AG)
Vertrauen und zufriedene Passagiere. So beschreibt CEO Dr. Stefan Schulte das Geschäftsmodell der Fraport AG.
About Stefan Schulte
In February 2013, Stefan Schulte, as Chairman of the Executive Board of Fraport AG, participated in the opening ceremony of the company's new corporate headquarters. The building, which took two years to plan and construct, was inaugurated alongside board member Anke Giesen, works council chair Claudia Amier, and supervisory board member Karlheinz Weimar. Schulte described the new facility as featuring open-plan standards and team workspaces, stating that the design would enable faster and better knowledge transfer among employees and shorten distances between administrative units, leading to time savings. He also noted that the modern ambiance was intended to help employees feel at home. Schulte highlighted the building's sustainability features, including a photovoltaic system on the south facade to power electric vehicles in the garage. He explained that the roof uses a foil membrane instead of glass, with adjustable layers of dotted foil to control sunlight entry, comparing the system to a variable blind. The German Sustainable Building Council awarded the project a Gold certificate for its energy efficiency standards.
Transcript (33 segments)
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Stefan Schulte0:00
You don't become CEO overnight, as a rule. In the end, we sell trust. The best thing is you stay just as you are.
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Interviewer0:15
Hello and welcome to a new episode of Jan Economist. I'm Juri and my name is Florence. We're very pleased to be here today in a very special location, on the apron of Frankfurt Airport, with the CEO of Fraport AG, Dr. Stefan Schulte. Good day Stefan, thank you for taking the time. You're welcome. We have many questions but little time, so let's start right away. You are the CEO of Fraport, one of the largest airport operators in Europe. How often do you still fly personally?
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Stefan Schulte0:43
Once a week. That's usually a domestic flight in Germany, but rarely more than a European or continental flight.
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Interviewer0:52
Okay, so you still enjoy flying?
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Stefan Schulte0:54
Yes, it's still a fascination. The aerodynamics, how the wings are designed, the engines. But it's also a certain routine.
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Interviewer1:10
We want to gain insights into the lives of interesting personalities. So let's talk about a typical week. When you fly once a week, domestic or intercontinental, where do you go? What does a classic work week look like?
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Stefan Schulte1:24
A classic work week is characterized by many appointments. Regular meetings include board meetings, supervisory board meetings, or meetings about the construction of Terminal 3, which you can see in the background. I also directly manage international business, communications, corporate development, and environmental management. Besides regular meetings, there are many appointments with airlines, political representatives in Berlin, Brussels, and here in Hesse. For intercontinental flights, we operate many airports, so I occasionally go to Brazil for board meetings, to Greece, or to Peru. Those are overnight trips: fly out, have meetings with local politicians or decision-makers, and fly back the next night.
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Interviewer2:45
You just mentioned your job is very political, especially compared to a classic industrial company. Airports affect people and politics. What percentage of your job would you say is politics and what is classic management?
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Stefan Schulte3:06
I can't separate it that way. Ultimately, my job is management: leading people, making decisions, communicating. That includes communication with employees, managers, and especially with political representatives, to discuss critical developments, persuade, make agreements, or understand their needs. But the company is clearly set up as an economic enterprise. So it's a classic management job, but in a political, highly regulated environment.
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Interviewer3:51
You mentioned earlier you are CEO of Fraport, and people associate it with Frankfurt Airport. But Fraport has stakes in airports worldwide. Last year you had revenue of over 3 billion euros. What is your business model? How do you make money?
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Stefan Schulte4:12
Fraport is an airport operator running about 30 airports on four continents. Our core business is organizing the passenger process in terminals and on the apron. We are paid based on passenger numbers: each passenger pays a fee through their ticket, which the airline passes to us. That's our bread and butter. Additionally, we earn from shops, restaurants, advertising, and parking. For Frankfurt, the larger part of revenue today comes from retail and real estate. Overall, over half of our earnings come from international operations. I'd say a passenger pays roughly 15–25 euros when departing, which covers usage of infrastructure. The fees are regulated and cost-oriented. For a large aircraft with 300–500 passengers, that's a few thousand euros combined. We also have fixed fees per movement for runways. The rates are set by the Hessian Ministry of Economics after negotiation with airlines. But the process is formal; we try to reach agreements beforehand.
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Interviewer9:17
Let's go back a few years. You finished school, then completed an apprenticeship as a banker. Why did you choose that instead of going straight to university, and would you make the same choice today?
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Stefan Schulte9:38
I would do it again. After school, I wasn't the best student, and I wanted to see what practice meant. A banking apprenticeship is broad, it gives you a lot of information about how the economy works. It was important for me at that stage. I wasn't sure if I would stay in banking or study afterwards. I eventually studied, but I needed that practical connection first.
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Interviewer10:11
You studied business administration, did a PhD, and started at Deutsche Bank in corporate development. If you could repeat your decision, would you join Deutsche Bank again or take a shortcut to Fraport?
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Stefan Schulte10:27
For me, the path via Deutsche Bank was the right one. That corporate development department was a staff area where I managed complex projects like integrating East German businesses into the German economy, M&A, and restructuring. It involved tax, legal, business, and financial aspects, and taught me to manage complexity. It was a very good entry and a great school for the future.
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Interviewer11:23
You then had a steep career at Mannesmann and later moved to Fraport. In board positions, it's often said that a good team is crucial. How do you build a good team when you take on a new role?
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Stefan Schulte11:55
I had the advantage of having taken various stations. At Fraport, I first worked with the existing team. I didn't bring in new people. I think it's important to work with the team you have, develop it, and only make changes if something doesn't fit. Authenticity, responsibility, reliability, and empathy are key. You need to motivate people and take them along.
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Interviewer14:01
After a few years at the Mannesmann group, you moved to Fraport in 2003. What motivated you to make that change?
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Stefan Schulte14:11
It was a very exciting opportunity that came via a headhunter. Fraport had a large write-down in its international business because things hadn't gone well. They were looking for a new CFO to bundle the international operations, which was decentralized before, and to bring stability to the company after going public. The tasks were far more interesting and offered a completely different future perspective. That appealed to me.
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Interviewer15:09
You became CEO in 2009. How did that feel? Did you feel you had arrived at your professional goal?
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Stefan Schulte15:34
I never set out with the goal of becoming CEO. When I worked at the bank as a branch employee, I thought being branch manager would be nice. Goals grow as you take on tasks. It was positive and negative, but mostly positive. I was happy to take on the responsibility and shape the company. But I also knew that employees would expect me to stay at least ten years, starting at age 49. That meant it would be my last major role. And indeed, I'm still here after more than 14 years. The company is so diverse and constantly changing—through crises and new challenges—that it remains very exciting.
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Interviewer17:24
Many say they are grateful for the position, but surely there must have been a moment when you said, 'I want to become CEO,' and positioned yourself accordingly. Did you actively pursue it, or did it just happen?
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Stefan Schulte17:59
It's both push and pull. You need an inner drive to want to be better or shape things. But you don't become CEO overnight. I started as CFO, took on more operational tasks, and eventually moved into the deputy chairman role because I led the construction of the new runway. The possibility becomes apparent, and people start asking if you want it. It is a different role from CFO. Many said I was purely a numbers person and not communicative enough, and that I needed communication training. But I listened and said no, I will stay authentic. I never took a single communication training. The best advice I got was 'Stay just as you are.' That's what I did, and today employees know I have my edges, but I am reliable and authentic.
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Interviewer20:23
You've been CEO for 14 years. We often ask guests: What was your vision when you took the position? For example, Martin Brudermüller said he wanted to make the company more environmentally friendly. What was your vision for Fraport?
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Stefan Schulte20:37
Infrastructure takes a very long time. On the one hand, it was about completing the expansion: building and commissioning the new runway, getting the planning approval through, building Terminal 3, and modernizing processes in the north terminals. That was one side. I also wanted to expand the international business to make us less dependent on Frankfurt. We've achieved that: today over 50% of earnings come from abroad. We are one of the few airport operators to have done that globally, and we'll continue. But the harder part is cultural: making the company more agile, faster, more direct in decision-making, while staying hungry and fair. We've made good progress, but it's never finished. New topics like climate protection, digitalization, automation, and AI are coming. We are using AI for better prediction of passenger flows, not to replace employees but to support them.
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Interviewer23:10
You said you're a numbers person. Do you remember what percentage of revenue came from international operations when you started?
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Stefan Schulte23:21
I'm no longer a numbers person, but I'd estimate around 30 percent.
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Interviewer23:29
You've been in the CEO role for 15 years. Why have you stayed so long? Many top executives move on after a few years.
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Stefan Schulte23:56
For me, it was a matter of leadership. The performance we deliver every day is the work of our employees, especially during peaks like Easter or summer. They want continuity in leadership. As CEO, you are the face of the company. I think it's not fair to leave after three years for the next career step. I enjoy the variety and the challenges.
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Interviewer24:57
You're 63 now. Do you think about succession? Who will follow you?
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Stefan Schulte25:16
Hopefully it's still a bit away, but yes, we think about it. It's a primary task of the supervisory board, but I discuss with the chairman who the key performers are, their potential, and how the board collaborates. It's part of the planning.
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Interviewer25:47
You oversee acquisitions and investments. In your tenure, you've acquired many stakes and new airports. What matters in such negotiations, especially with international partners of different mentalities?
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Stefan Schulte26:21
It's always international—South America, Eastern Europe, India, China. You have to adapt to the mentality. In the end, we sell trust. I have to personally convey trust, beyond the numbers, and be courageous.