born July 2, 1876, Suhl, Ger.
died Jan. 3, 1933, Aumühle
German politician and business leader.
After serving in government positions from 1907, in 1918 he became general director of the Hamburg-American Line, the largest German shipping concern. He served as chancellor of the Weimar Republic (1922–23), enjoying the strong support of German business and industry but failing to readjust war reparations or halt inflation. During the Ruhr occupation he urged a national policy of passive resistance, which ultimately overtaxed the economy. Obliged to resign, he returned to Hamburg-American and again served as chairman (1926–33).