Reitzle to Lead Conti Amidst Board Appointments

Wolfgang Reitzle, CEO of industrial gas company Linde, was confirmed as the new chairman of Continental AG's supervisory board. "We are very pleased that we have been able to persuade Professor Reitzle to take on this challenging mandate," said Schaeffler owner Maria-Elisabeth Schaeffler in a statement. Reitzle has been highly sought after by a number of major firms, including BMW, and served as an executive with Ford Motor Co. The move came after owner Schaeffler Group forced out the previous board chairman Rolf Koerfer, who will nonetheless remain on the board. Also stepping down is board member Michael Frenzel, CEO of travel company TUI.

Meanwhile, the Schaeffler Group recently appointed Dr. Peter Pleus (55) and Norbert Indlekofer (51) to the position of President of Schaeffler Group Automotive. They have been appointed successors to Dr. Elmar Degenhart (50), who was appointed Chairman of the Executive Board of Continental AG on 12 August 2009.

Siegfried Kronmueller remains responsible for the Automotive Aftermarket Business Division, and Dr. Peter Gutzmer remains acting executive vice President Schaeffler Group Automotive in addition to his responsibilities as President Technical Product Development.

Both Dr. Peter Pleus and Norbert Indlekofer have been members of the Executive Management Board of Schaeffler Group Automotive for many years.

Norbert Indlekofer is President of the Transmission Systems Division. In his new position, he will also assume responsibility for the Chassis Systems Division. Dr. Peter Pleus has been oresident of Engine Systems Division of the Schaeffler Group since 2005. He will now assume additional responsibility for the management of the Herzogenaurach plant.