Neumann "steps down" from Conti board

ERJ staff report (DS)

Hanover, Germany -- Dr. Karl-Thomas Neumann (48) has stepped down from his position of chairman of Continental's Executive Board, "by mutual agreement," according to a statement from Conti. He is replaced by a Schaeffler man, Dr. Elmar Degenhart (50). Degenhart was previously chairman of the management board of the Automotive unit in the Schaeffler Group.

Rolf Koerfer, chairman of the Supervisory Board said he would step down after the changes to the Executive Board have been completed, including in particular the appointment of a CFO. Korfer will begin the process of selecting a new chairman to replace him on the Supervisory Board and will continue to be a member of the Supervisory Board as the Chairman's Committee member.

Furthermore, the Supervisory Board appointed three new members to the Executive Board: Dr. Ralf Cramer (43, head of the Chassis & Safety division of Continental AG), Mr. Helmut Matschi (46, head of the Interior division of Continental AG) and Mr. Nikolai Setzer (38, head of the Passenger and Light Truck Tires division of Continental AG).

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Press release from Continental

Continental AG board sacks CEO Neumann -newspaper Reuters (Germany)