Neumann Appointed New Conti Exec Board Chairman

At its meeting on August 23 the Supervisory Board of Continental AG decided upon the appointment of Dr. Karl-Thomas Neumann as new Executive Board Chairman, effective September 1. Neumann has been a member of the Continental Executive Board since October 2004 and is succeeding Manfred Wennemer, whose request to be granted early release from his mandate effective August 31, 2008, was previously accepted by the Supervisory Board.

A newly created position, that of deputy chairman of the Executive Board, will be assumed by Dr. Alan Hippe, who is also responsible for the Passenger and Light Truck Tires division and CFO of Continental AG. In addition, as of October 1 he will receive responsibility of the ContiTech division from Gerhard Lerch, who is retiring.

Neumann, who holds a doctor’s degree in electrical engineering, joined Volkswagen AG in Wolfsburg in 1999 after working at the Fraunhofer Institute for Integrated Circuits and Systems between 1989 and 1993 and at Motorola GmbH in Germany and the US between 1993 and 1999. There, he headed electronics research and the corporate-wide electronics strategy, as well as other areas. Since October 2004, Neumann has been a member of the Executive Board of Continental AG, chief technology officer and, in addition, chairman of the management board of Continental Teves AG & Co. oHG. Since December 2007, he has also been responsible for the company’s Chassis & Safety and Powertrain divisions.

Dr. Alan Hippe studied business management at the Mannheim and Toulon universities and worked from 1993 to 1996 as doctoral candidate and research associate at the University of Mannheim. He then headed the areas of corporate controlling and IT systems at AVECO Holding AG. In 1998 he moved to Fraport AG, where he was in charge of controlling, finance and accounting. Dr. Hippe has been a member of the Continental AG Executive Board since June 2002 and is responsible for the areas of finance, controlling, and law. Since May 2005, he has also been the president of Continental Tire North America, Inc. In addition, he has headed the company’s Passenger and Light Truck Tires division since April 2008.