By MT Bureau| Oct 30, 2020

Continental Ag CEO Degenhart To Resign For Health Reasons

Dr Elmar Degenhart, CEO of Continental AG, expressed his intention to resign from his position effective November 30, 2020 citing immediately essential preventive health care.

Dr Degenhart, who has been CEO of the company since August 12, 2009, and is currently in his third term, asked the supervisory board to accept the early termination of his executive board directorship and his contract, which would have ended on August 11,2024. He is directly responsible for Group Communications, Group Strategy, Group Total Quality Management and the start-up program co-pace.

Degenhart explained the reasons for choosing the timing of his resignation: “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.”

Looking back at the successful course he set for Continental, Degenhart added: “It has been a pleasure and an honour for me to have been at the helm of Continental and leading its accelerated turnaround and profitable growth. 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. I am convinced that the Continental team will enjoy great success in the future thanks to its unique values and network culture and driven by its new strategy.”

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.

 “Our focus will be on continuity and the seamless continuation in the ongoing transformation of Continental from mainly a tyre manufacturer and automotive supplier to a pioneering technology and software mobility company,” said Reitzle. (MT)



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