Electronics Production |
Continental CEO to step down a head of plan
After more than eleven years in office, the CEO of Continental AG Dr. Elmar Degenhart intends to resign from his position as of November 30, 2020 for reasons of "immediately essential preventive health care."
The resigning CEO has asked the Supervisory Board to accept the early termination of his Executive Board directorship and his contract, which would have run until August 11, 2024. Supervisory Board Chairman Professor Wolfgang Reitzle has announced that he will convene the Supervisory Board shortly to decide on the appointment of the successor to Degenhart, a press release reads. “After a lot of effort invested for the benefit of our organization, I was recently made aware of the importance of immediately giving precautionary measures for my health the utmost priority when it comes to planning my personal life. I would have clearly preferred to continue working on our structural realignment, our profitable growth and viability enhancement program. And I would have loved to enjoy the future success this will bring, especially since we have just recently prepared for it by making the most difficult decisions and setting the decisive course. But in consideration of the health-related advice that I received, I am now setting other priorities,” Degenhart said as he explained the reasons for choosing the timing of his resignation. Degenhart has been CEO of the company since August 12, 2009, and is currently in his third term. He is directly responsible for Group Communications, Group Strategy, Group Total Quality Management and the start-up program co-pace. “It has been a pleasure and an honor for me to have been at the helm of Continental and leading its accelerated turnaround and profitable growth,” Degenhart added.