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.