HANOVER, Germany (Aug. 12, 2009)-Continental A.G. has appointed Schaeffler Group executive Elmar Degenhart chairman of its executive board to replace Karl-Thomas Neumann, who resigned the position today at a special meeting of the supervisory board.
Degenhart, 50, previously was chairman of the management board for Schaeffler´s automotive unit. He also takes charge of Conti´s powertrain division.
Herzogenaurach, Germany-based Schaeffler is Conti´s largest shareholder, holding 49.9 percent of Conti´s shares directly and another 45 percent or so indirectly.
Neumann, 48, agreed to step down from the job he´s held since last September. He survived a supervisory board no-confidence vote a week ago; that situation led to today´s extraordinary board meeting.
In addition, Supervisory Board Chairman Rolf Koerfer offered to resign that position once the company has reorganized the executive board under Degenhart´s direction. The company needs to appoint a new chief financial officer and then find Koerfer´s successor. Koerfer will, however, continue as a board member, Conti said.
The supervisory board also appointed three new members to the executive board: Ralf Cramer, 43, head of the chassis & safety division; Helmut Matschi, 46, head of the interior division; and Nikolai Setzer, 38, head of the passenger and light truck tires division.