A new chief financial officer will start his duties at Continental AG on October 19. Wolfgang Schäfer, According to sources mentioned by Reuters, the Finance and Administration CEO at competitor Behr will officially take on the role at Conti’s next supervisory board meeting.
On October 7, Shoshi Arakawa, chairman of the Board, CEO and president of Bridgestone Corporation, was presented with Commander of the Order of Leopold of the Kingdom of Belgium. Commenting on the significance of this occasion, Bridgestone notes that the Order of Leopold is the most prestigious order that can be bestowed upon an individual for his or her contribution to the development of Belgium. The ceremony was held at the official residence of Mr. Johan Maricou, Ambassador of H.M. the King of the Belgians to Japan, who presented the award.
Cooper Tire & Rubber has embarked on a number of measures to boost its competitive edge in the North American market. As part of this the company intends to expand its Tupelo, Mississippi facility, and the groundbreaking ceremony for this project took place on September 22. According to Cooper, the US$7 million expansion work will increase the size of the 1.6 million square foot facility by an additional 32,000 square feet and include the installation of mixing equipment.
The leader of Formula One’s Drivers Championship since the beginning of the season, Jensen Button looks to be in for a fight to stay at the top of the rankings until the season is over, following victory for his Brawn GP teammate, Rubens Barrichello at the Italian Grand Prix in Monza.
Reuters reports have suggested that Continental will issue 1.5 billion euros’ worth of new shares before the end of the year in an attempt to “increase capital,” according to one unnamed source. Schaeffler had initially opposed the plan, since it will reduce the proportion of its shareholding in the company from approximately 90 per cent to 66 per cent. However, in light of a 10 billion euro debt incurred when Conti purchased VDO from Siemens, in addition to its own dedt-pile, Schaeffler now says that the company must “repair its balance sheet” before a merger takes place. The next supervisory board meeting, postponed by Continental until mid-October according to Reuters, could be interesting (see also ‘Schaeffler to Propose Prof Dr Ing Reitzle as Supervisory Chair’).
Continental AG announced today that the major shareholder, Schaeffler KG, will propose Professor Dr Ing Wolfgang Reitzle as the new chairman of the supervisory board, if he is appointed to the board of Continental AG. Maria-Elisabeth Schaeffler, owner of Schaeffler KG, endorsed the move: “We are very pleased that we have been able to persuade Professor Reitzle to take on this challenging mandate. He is the ideal person to tackle the tasks ahead at Continental AG. His profound knowledge of the industry and his international entrepreneurial experience are excellent prerequisites for this post. We have complete trust in him.”
Amtel-Vredestein N.V. formally changed its name to Amtel N.V. at an Extraordinary General Meeting held in Enschede yesterday (2 September), freeing the newly re-merged Apollo-Vredestein from its previous associations with the Russian company. The execution of the deed of amendment through which the actual name change will take place as well as corresponding changes to the company’s website, corporate materials etc. will reportedly take place “as soon as possible.” The meeting also agreed proposals to dismiss Petr Zolotarev and Vadim Pesochinsky from the executive board and to appoint Alexander Fayn as sole member of the board. According to a statement detailing the meeting, Fayn gave a broad outline of the company’s restructuring plan.
Amtel-Vredestein N.V. has given notice that it will hold its Extraordinary General Meeting of Shareholders on September 2 at the Sheraton Amsterdam Airport Hotel and Conference Centre. The agenda for the EGM will, amongst other things, include the company’s 2008 financial statements and an update on Amtel’s financial affairs and bankruptcy. ABH Financial Limited’s restructuring […]
A favourite has emerged from the list of contenders under consideration to head up Continental’s Supervisory Board. German magazine Der Spiegel indicates former Volkswagen chief executive Bernd Pischetsrieder will be the man most likely to fill Rolf Koerfer’s shoes when he steps down. Pischetsrieder was recommended for the role by Martin Blessing, CEO of Commerzbank, […]
The list of contenders for the position of Supervisory Board chairman has apparently been whittled down to three. According to the Financial Times Deutschland, three executives from outside the group remain under consideration: former Volkswagen boss Bernd Pischetsrieder, former BMW boss Helmut Panke and outgoing ThyssenKrupp board member Ulrich Middelmann are the reported to be […]
Dow Jones reports that Standard & Poor's has reduced Continental AG’s credit rating two notches in light of concerns it has over the influence major shareholder Schaeffler has on the company's strategy and credit quality. The downgrading occurred a day after Karl-Thomas Neumann stepped down from Conti’s Executive Board following a power struggle with the Schaeffler, and according to Standard & Poor’s, Neumann’s resignation "heightens our concerns of a negative influence of Schaeffler on Continental."
Tire Industry Association (TIA) has elected Larry Brandt as its new secretary.
Continental AG said contracts, customers and employees could be lost if Dr Karl-Thomas Neumann is pushed out of his chief executive position. Quoting a document submitted to representatives of supervisory board members, Dow Jones Newswires reported that the group’s communications committee for management said: “We know that some of our customers are considering moving their business to rivals…We also run the risk of the attrition of further managers, at all levels, and the company losing its attractiveness as an employer.”
Schaeffler reports a “successful reconciliation” of its interests has been achieved. The company’s Executive Management Board and plant management representatives, in talks with labour representatives, have agreed upon a package of measures to reduce personnel costs at Schaeffler’s German locations. The total adjustment volume, required due to slack demand, amounts to €250 euros per annum. Schaeffler now reports these savings can be achieved through natural fluctuation, voluntary redundancies and partial retirement along with the continued use of short time work and reduced working hours including adjustment of salaries and wages.
The head of global marketing at Lanxess AG’s Technical Rubber Products business units, Jürgen Gunther, has been appointed Management Board chairman of the German Rubber Society (the Deutsche Kautschuk Gesellschaft, or DKG) Gunther, who was already a member of the Management Board, was elected at a general meeting to succeed the previous incumbent, Thomas Barth of Freudenberg New Technologies KG. The Lanxess manager, who has been involved in the international polymers business for over 35 years, will hold this post until 2012.
The DKG is an association of more than 1,000 individuals and companies whose common goal is to encourage research and development in elastomers and disseminate knowledge in this field.
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