The chairman of the German research organisation, the Fraunhofer Society, Hans-Joerg Bullinger won’t join the Continental supervisory board as planned, local media reports said.
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Klaus Rosenfeld, CFO of Schaeffler, may get a seat there instead, he added. An investors’ agreement says Schaeffler should have only four representatives but, with Rosenfeld, there would be five.
Schaeffler wants its financial department to be represented sufficiently fully at Conti, Bullinger said, according to a Reuters and Financial Times Deutschalnd report.
But the supervisory board opposed the step, saying a breach of the agreement was risky. Christian Strenger, Conti shareholder and member of Germany’s commission for corporate governance, said this signified that Schaeffler wanted to take more control in Continental.
Neither company would comment.
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