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March 09, 2009 02:00 AM

Von Gruenberg resigns Conti board positions

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    FRANKFURT, Germany (March 9, 2009)—Hubertus von Gruenberg, chairman of Continental A.G.'s supervisory board, has resigned as chairman and a member of that body, citing personal reasons.

    Von Gruenberg resigned March 6 after the board met to discuss its future with its controlling shareholder Schaeffler Group. He has been openly critical of Schaeffler's uninvited takeover of Continental.

    Until a new chairman can be voted on, the supervisory board will be led by deputy chairman, Werner Bischoff, Conti said. Conti's upcoming general shareholders' meeting is scheduled for April 23.

    Conti did not say who would take over von Gruenberg's responsibility overseeing the transition of the firm's rubber group—comprising the ContiTech industrial rubber products businesses and the passenger/light truck and commercial tire divisions—to a more autonomous business unit within Conti.

    Von Gruenberg had been chairman of the supervisory board since 1999 and was CEO of the company between 1991 and June 1999.

    Among the nominees being considered for the supervisory board are Georg and Maria Schaeffler, partners of Schaeffler Group.

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