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September 28, 2009

GERMANY: CFO search delays Conti meeting

A Continental AG supervisory board scheduled for 29 September has been delayed until 19 October as the partsmaker needs more time to find a new chief financial officer, a supervisory board member has said.

A Continental AG supervisory board scheduled for 29 September has been delayed until 19 October as the partsmaker needs more time to find a new chief financial officer, a supervisory board member has said.

The anonymous board member told Dow Jones Newswires the list of potential candidates “is getting shorter.”

Linde chief executive and one-time BMW and Ford executive Wolfgang Reitzle is poised to take over as supervisory board chairman at the Hannover-based firm at the 19 October meeting, the board member said.

He is expected to replace Rolf Koerfer, who was installed as supervisory board chairman by Continental’s dominant shareholder Schaeffler Group.

Koerfer took over the chairmanship amid a fierce power struggle between Continental and Schaeffler, which led to a wide-ranging management reshuffle and triggered the departure of several top executives at Continental.

Koerfer faced criticism from Continental’s labour representatives, who said he was rarely independent and represented the interests of Schaeffler.

Koerfer is, however, expected to remain on the supervisory board as a regular member.

In mid-August, the chief executive of Continental, Karl-Thomas Neumann, stepped down and was replaced by Elmar Degenhart, previously head of Schaeffler’s auto unit, the news agency noted.

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