Dr. Hippe’s Departure from Continental Announced

Continental AG has officially confirmed media reports surrounding the future of Dr. Alan Hippe. According to a press release issued following the company’s January 24 Supervisory Board meeting, Hippe, who is currently chairman of the Executive Board, CFO and head of Conti’s Rubber Group, will leave Continental AG as of February 28. Continental says the decision on Dr. Hippe’s departure is a mutually agreed one, and his successor will be appointed in the coming weeks.

Dr. Hippe has been a member of Continental AG’s Executive Board since June 2002 and, as CFO, is responsible for the areas of Finance, Controlling, IT and Law. In addition to his role as CFO, Dr. Hippe has headed the company’s North American tyre operations since June 2005, returning them to profitability in 2007 after numerous years of heavy losses. Dr. Hippe took responsibility for the Passenger and Light Truck Tires division in April 2008, and in September 2008 was appointed vice chairman of the Executive Board. The Company’s Executive Board and Supervisory Board, states the press release, thanks Dr. Hippe for the ‘most outstanding achievements’ he has brought Continental during what it calls a ‘decisive phase in its corporate history’.