Logistics and Shipping Magnate Klaus-Michael Kühne Passes at 89

Klaus-Michael Kühne, majority owner of German logistics giant Kühne + Nagel and a major investor in Hapag-Lloyd, has died at the age of 89.

Kühne started out in shipping during the late 1950s, at the dawn of the containerized-freight revolution. He soon joined the family firm, Kühne + Nagel, and became managing director by 1966. Over the course of the decades that followed, he expanded a Germany-focused freight forwarding firm into a global giant, making his company a household name in logistics. After selling half of the company to outside investors in the early 1980s, he bought back ownership in the early 1990s and he took over as sole CEO of the company in 1996. After passing the baton to a new CEO in 1999, he has remained executive chairman. 

Kühne expanded his shipping interests in 2008 when bought a substantial stake in the consortium behind Hapag's founding, making him one of the largest shareholders in Hapag-Lloyd. He later upped his ownership share to 30 percent in 2020, making him the carrier's largest shareholder. 

He also held large stakes in other modes of freight, including a 20 percent share in German railcar leasing firm VTG (since resold) and a 20 percent share in Lufthansa. His businesses prospered over the years, and by the time of his passing, his $44 billion fortune made him the wealthiest person in Germany (though not a resident). 

"With the death of Klaus-Michael, we have lost a visionary, a great entrepreneur and a remarkable individual," said Jörg Wolle, Kühne+Nagel's chairman, in a statement Monday. 

Kühne and his wife had no children, and his considerable fortune will pass to the charitable Kühne Foundation, which focuses on humanitarian relief logistics and medical research. 

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