Continental CEO Degenhart resigns

Although his contract has almost another four years to run, Dr Elmar Degenhart has notified Continental AG of his intention to step down as chief executive officer and as director of the Continental Executive Board. Dr Degenhart’s decision to take leave of the company on 30 November 2020 is based upon “reasons of immediately essential preventive health care,” he informed Continental’s Supervisory Board yesterday. In the near future, Professor Wolfgang Reitzle will convene the Supervisory Board to decide upon the appointment of Degenhart’s successor.

Degenhart explained the motivation for resigning now rather than when his contract expires on 11 August 2024: “After a lot of effort invested for the benefit of our organisation, I was recently made aware of the importance of immediately giving precautionary measures for my health the utmost priority when it comes to planning my personal life. I would have clearly preferred to continue working on our structural realignment, our profitable growth and viability enhancement programme. And I would have loved to enjoy the future success this will bring, especially since we have just recently prepared for it by making the most difficult decisions and setting the decisive course. But in consideration of the health-related advice that I received, I am now setting other priorities.”

Appointed chief executive officer on 12 August 2009, Degenhart is currently serving his third term in this capacity and is directly responsible for Group Communications, Group Strategy, Group Total Quality Management and the co-pace start-up programme.

Praise for leadership & performance

“It has been a pleasure and an honour for me to have been at the helm of Continental and leading its accelerated turnaround and profitable growth,” stated Degenhart. “I would like to thank our customers for the trust they have placed in me as well as our shareholders, the Supervisory Board, my fellow Executive Board members, my personal team and the global Continental team for their great support, utmost commitment and impressive performance over the past more than eleven years. I am convinced that the Continental team will enjoy great success in the future thanks to its unique values and network culture and driven by its new strategy.”

On behalf of all Supervisory Board members, chairman Wolfgang Reitzle acknowledged Degenhart’s achievements over the years. He praised his “outstanding performance, exemplary leadership and excellent track record.” “We all deeply regret Dr Degenhart’s decision and his resignation,” said Reitzle. “However, we respect his personal wish and understand the reasons behind it. When he took office in August 2009, Degenhart and his team led the company out of a situation that threatened its very existence and brought it back into the DAX 30 Index and to an industry-wide top position. Under his leadership, Continental’s debt was significantly reduced to a normal level, its equity capital strengthened and its previous high investment grade fully restored.

“As a leader and as a person, Dr Degenhart is a role model of the leadership principle he has coined: values create value. He deserves the greatest possible thanks from all stakeholders for his track record. With a systematically realigned organisation and the enhancement of a lasting values culture, he has laid the decisive foundations for further profitable growth and the future viability of Continental.”

Regarding the nomination of Degenhart’s successor, the Supervisory Board chairman will convene the board “at short notice” to reach a decision. “Our focus will be on continuity and the seamless continuation in the ongoing transformation of Continental from mainly a tyre manufacturer and automotive supplier to a pioneering technology and software mobility company,” added Reitzle.