Conti terminates Wolfgang Schaefer as chief financial officer amid prosecutor's probe

HANOVER, Germany—Continental A.G.'s supervisory board has agreed to mutually terminate Wolfgang Schaefer's position as member of the executive board and chief financial officer, effective immediately.

Conti linked the decision to "the already known investigations" by the public prosecutor's office in Hanover, into the use of illegal defeat devices in diesel engines "and shortcomings in the ongoing investigations by Continental."

"We are investigating the case rigorously and thoroughly and are cooperating unconditionally with the Hanover public prosecutor's office," said the German group in a Nov. 17 statement.

"In accordance with our philosophy of zero tolerance, we investigate any suspicious activity," said Wolfgang Reitzle, the supervisory board chairman professor, in a Nov. 17 meeting.

Nikolai Setzer, chairman of the executive board, will assume Schaefer's responsibilities in the executive board.

Katja Duerrfeld, currently head of finance, controlling and information technology for the ContiTech business area, will take over interim responsibility for group finance and controlling, and information technology.

"Integrity is an integral part of our corporate culture and is anchored in our code of conduct, which applies worldwide and to all Continental companies," said Setzer.

Setzer added that he will be "directly responsible" for group compliance and group law and intellectual property, with new heads for the functions to be appointed under the executive board.

Schaefer was appointed Continental's chief financial officer on Jan. 1 2010. In March 2019, his appointment was extended until December 2024.