Schult represented East Germany in the 1988 Olympic discus competition, where he won the gold medal.

Born in Amt Neuhaus, now in Lower Saxony, Schult was unable to compete in the 1984 Summer Olympics in Los Angeles due to his country's boycott of the games.

In 1988, at the first ever track and field competition between East and West Germany, Schult refused to shake hands with his former teammate, Wolfgang Schmidt, after beating him; Schmidt had very shortly before moved from East to West Germany.

Later in his long sports career, Schult joined the reunified German team.

Schult has a degree in sport, and in 2002 became the trainer of the German track and field association's men's discus team.