Conti Chairman Neumann keeps seat - for now

ERJ staff report (TB)

Hanover, Germany -- Continental AG Executive Board Chairman Karl-Thomas Neumann survived a no-confidence vote at the July 30 meeting of the firm's supervisory board, but the board has scheduled another meeting Aug. 12 to revisit the matter.

According to firm's bylaws, Mr. Neumann can be ousted by a two-thirds majority vote of the supervisory board. That did not happen at the July 30 meeting, prompting the scheduling of the Aug. 12 meeting.

Mr. Neumann, chairman of Conti since Sept. 1, 2008, reportedly has been under fire from Conti's largest shareholder, Schaeffler Group, for pushing the capital increase, which would force Schaeffler to inject more capital into Conti.

Mr. Neumann took over the chairmanship from Manfred Wennemer, who resigned in the wake of Conti's boards' agreeing to pursue a merger with Schaeffler after Schaeffler waged a successful bid for control of Conti's shares. Mr. Neumann, 48, and a Conti executive since 2004, joining the Hanover-based firm from car maker Volkswagen A.G., where he was head of VW's electrics and electronics unit and responsible for the electric and electronic module family of systems.

From Tire Business (A Crain publication)