Hippe to leave Conti for ThyssenKrupp

ERJ staff report (DS)

Hanover, Germany -- Alan Hippe has left Continental and will shortly take up a position on the main supervisory board of ThyssenKrupp. Hippe announced his intention to leave Continental at the company's supervisory board meeting on Saturday. He has been the board member with responsibility for the rubber group since September 2008.

At the same meeting, Continental formally announced that it intends to carve out the rubber division to make it a legally and financially separate unit from the automotive activities.

Continental said, "At today's meeting of the Supervisory Board of Continental AG, the Supervisory Board complied with the request of Dr. Alan Hippe, Vice Chairman of the Executive Board, CFO, and head of the Rubber Group of Continental AG, to release him from his duties as member of the Executive Board of Continental AG prematurely as of February 28, 2009 by mutual agreement. His successor will be appointed in the coming weeks."

In a statement, ThyssenKrupp said, "ThyssenKrupp AG confirms that talks have been held with Dr. Alan Hippe (42), Vice Chairman of the Executive Board of Continental AG, about joining the Executive Board of ThyssenKrupp AG. It is planned that the Supervisory Board of ThyssenKrupp AG will appoint Dr. Hippe as member of the Executive Board with effect from April 1, 2009 for a period of five years. Dr. Hippe is to be responsible for Controlling, Accounting and Financial Reporting, Taxes, Customs and Mergers & Acquisitions and Materials Management."

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Press release from Continental

Press release from ThyssenKrupp