Continental Reshuffles Executive Board

Following a meeting of the Supervisory Board of Continental, the company’s Executive Board has been reshuffled. Effective immediately, the Supervisory Board appointed Dr. Elmar Degenhart, formerly president of the Schaeffler Group’s Automotive Division, as chairman of the Executive Board.

He replaces Dr. Karl-Thomas Neumann, who steps down from Continental’s Executive Board “by mutual agreement,” according to a statement by the corporation. The Supervisory Board thanked Dr. Neumann for his work. Also effective immediately, Dr. Elmar Degenhart, previously chairman of the management board of the Automotive unit in the Schaeffler Group, was appointed as new chairman of the Executive Board of Continental AG. He also takes charge of the Powertrain division.

The Supervisory Board appointed three new members to the Executive Board: Dr. Ralf Cramer (head of the Chassis & Safety division of Continental AG), Helmut Matschi (head of the Interior division of Continental AG) and Nikolai Setzer (head of the Passenger and Light Truck Tires division of Continental AG). Rolf Koerfer is prepared to pass on his post as chairman of the Supervisory Board to an external successor as soon as a new chief financial officer has been found and the reorganization of the Executive Board has been concluded. This is to be effected as soon as possible. Afterwards, Koerfer will continue to advance the merging of Schaeffler and Continental as a member of the Chairman’s Committee. The Schaeffler Group restated its unfailing confidence in Koerfer.

“Today’s decisions clear the way for a trust-based collaboration between the two companies in the interest of their customers,” said Dr. Jürgen Geißinger, Schaeffler Group President and CEO. “With Elmar Degenhart, an excellent manager assumes the leadership of Continental AG. The Executive Board has been strengthened with the three proven specialists, Dr. Ralf Cramer, Helmut Matschi and Nikolai Setzer. We expect that the new Executive Board will work together in a constructive and result-oriented manner.”

Schaeffler insists that it continues to adhere to its objective of creating a global technology group consisting of the three divisions Automotive, Industrial and Rubber, as the Supervisory Board confirmed once again the continuing preparation of a capital increase.