Continental CEO to step down - Just Auto
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Continental CEO to step down

30 Oct 2020

Continental CEO, Elmar Degenhart is to resign from his position effective 30 November, 2020 for reasons of immediately essential preventive health care.

Degenhart has asked the supervisory board to accept the early termination of his executive board directorship and his contract, which would have run until 11 August, 2024.

Supervisory board chairman, Wolfgang Reitzle will convene the supervisory board shortly to decide on the appointment of the successor to Degenhart.

“After a lot of effort invested for the benefit of our organisation, 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,” said Degenhart.

“I would have clearly preferred to continue working on our structural realignment, our profitable growth and viability enhancement programme. 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 I received, I am now setting other priorities.”

Degenhart, who holds a doctorate in engineering, has been CEO of the company since August, 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 programme, co-pace.

“I would like to thank our customers for the trust they have placed in me as well as our shareholders, the supervisory board, my fellow executive board members, my personal team and the global Continental team for their great support, utmost commitment and impressive performance over the past more than eleven years,” added Degenhart.

On behalf of all supervisory board members, chairman, Wolfgang Reitzle acknowledged Degenhart’s achievements.

“We all deeply regret Dr Degenhart’s decision and his resignation,” said Reitzle. “However, we respect his personal wish and understand the reasons behind it. When he took office in August, 2009, Degenhart and his team led the company out of a situation that threatened its very existence and brought it back into the DAX 30 Index and to an industry-wide top position.

“Under his leadership, Continental’s debt was significantly reduced to a normal level, its equity capital strengthened and its previous high investment grade fully restored.

“I will convene the supervisory board to decide on the successor at short notice. Our focus will be on continuity and the seamless continuation in the on-going transformation of Continental from mainly a tyre manufacturer and automotive supplier to a pioneering technology and software mobility company.”