HANNOVER, Germany (May 4, 2011)—Matthias Schoenberg, CEO of Continental Tire the Americas since September 2006, is returning to his native Germany to become the top executive of the Fluid Technology business of parent Continental A.G.'s ContiTech Division, effective July 1.
Continental A.G. has yet to name a successor. The Fluid Technology unit is a worldwide business with 13,000 employees and annual sales of nearly $1.5 billion.
During Schoenberg's time as CEO of Continental Tire in the Americas, the company returned to the black after years of losses, streamlined its business in North America and expanded its presence in Latin America with a plant in Brazil and acquisition of majority control of an affiliate in Ecuador.
Conti's tire businesses in North America reported sales of $2.03 billion last year, according to figures in the firm's annual report. This represented growth of 25.8 percent, which Conti said outperformed the market in both the passenger/light truck and commercial vehicle sectors.