A controversial figure on the Continental supervisory board – lawyer Rolf Koerfer – is stepping down after months of pressure over his role as a top legal adviser to major shareholder Schaeffler. In a joint statement issued with the Schaeffler family, Koerfer said he would discuss with chairman Wolfgang Reitzle exactly when he would leave the board.
Koerfer has long been a lightning rod for shareholder rights activists who believe he puts the interests of Schaeffler above those of Continental investors, news agency Reuters noted, adding that management at the two companies were at odds with each other for months until several respected senior figures left Continental.
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“With this move I hope to make a contribution to focusing on day-to-day affairs rather than on internal debates over individual people,” Koerfer said in the statement.
According to the report, he had already given up chairmanship of the supervisory board at the behest of German unions following a bitter power struggle over his attempt to replace the then-Continental CEO with a Schaeffler manager.
Continental shareholders have not forgiven Koerfer for his role in the appointment of Schaeffler auto executive Elmar Degenhart as Conti’s CEO, and repeatedly called for the lawyer’s head, Reuters added.
“It was clear the situation would not resolve itself,” one person familiar with the matter said.
Schaeffler CEO Juergen Geissinger and matriarch Maria-Elisabeth Schaeffler have also polarised opinion among Continental investors.
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