Changes at the Top of Conti

Continental AG executive board member, Martien de Louw, will leave the company due to differing views of the business stategy. The decisions is reported to have been made by mutual agreement. Mr de Louw had been responsible for the corporation’s Passenger and Light Truck Tyre division since 1 February 2003. Manfred Wennemer will take over as head of the Passenger and Light Truck Tires division with immediate effect, in addition to his function as chairman.

In addition to his tasks as executive board member responsible for finance, controlling and law, Dr Alan Hippe will temporarily take responsibility for the passenger and light truck tyre business in North America. He is also assuming the position of president and CEO of Continental Tire North America.

The news of Martien de Louw’s departure was announced following a supervisory board meeting last week. Mr de Louw became president and CEO of CTNA after the abrupt resignation of Dr Ulrich Wellen in February 2003. Dr Wellen had been in the job less than a year, having taken over for Bernd Frangenberg, who retired in January 2002. In its official statement the board thanked Mr de Louw for his work.