Continental’s Reitzle confirms continued Board availability

As Tyrepress reported on 11 December, Wolfgang Reitzle no longer intends to end his tenure as chairman of the Continental AG Supervisory Board in 2024. At a Supervisory Board meeting on 13 December, he confirmed his availability to serve for an additional two years.

“At Continental’s Capital Market Day, the Continental Executive Board led by Mr Setzer presented a strategy for the company’s further development, which I fully support,” shared Reitzle. “I’m convinced of the company’s sustainable success potential and future-oriented positioning. Due to my deep connection with Continental, it’s important to me that I continue to support the Executive Board with the short-term implementation of its strategy.”

“After a number of challenging years, we’re now entering a phase of increased value creation,” added Nikolai Setzer, chairman of Continental’s Executive Board. “I’m delighted that Prof. Reitzle is willing to contribute his many years of industry experience at Continental to this decisive phase and support the Executive Board for a further two years.”

A staggered board

As we also mentioned on Monday, those participating in the upcoming Annual Shareholders’ Meeting will also decide upon the introduction of a staggered board. Should a majority approve this measure, in future shareholder representatives on the Supervisory Board will not serve four-year terms in parallel, but rather staggered with different start and end dates. When initially changing over to this system, half the shareholder representatives will serve a two-year term and the other half a four-year term.

Continental explains that the change to a staggered board will involve reducing the term of office for shareholder representatives to a maximum of four years. This means that half of the shareholder representatives on the Supervisory Board will be newly elected every two years. Employee representatives are exempt from this measure and will continue to have a five-year term of office.