Supervisory board extends tenure

At its meet­ing, the Super­vi­so­ry Board of Con­ti­nen­tal AG, Hanover, extend­ed the tenure of CEO Dr. Elmar Degen­hart (59) by anoth­er five years to August 11, 2024. In addi­tion, the appoint­ment of José A. Avi­la (63) as mem­ber of the Exec­u­tive Board was ter­mi­nat­ed effec­tive Sep­tem­ber 30, 2018. Until his con­tract expires as sched­uled on Decem­ber 31, 2019, he will assume advi­so­ry duties, includ­ing pri­mar­i­ly the fur­ther devel­op­ment and imple­men­ta­tion of Continental’s strat­e­gy in the field of bat­tery and elec­tri­fi­ca­tion tech­nolo­gies. He will report direct­ly to the CEO in this role.

“Since August 2009, under the lead­er­ship of Elmar Degen­hart as CEO togeth­er with the Con­ti­nen­tal team, the com­pa­ny has achieved top per­for­mance indus­try-wide. Togeth­er with his Exec­u­tive Board col­leagues and senior exec­u­tives, he has geared the orga­ni­za­tion and com­pa­ny cul­ture toward sus­tain­able and prof­itable growth in ear­ly prepa­ra­tion for the ongo­ing pro­found trans­for­ma­tion of the auto­mo­tive indus­try. The exten­sion of his con­tract reflects the con­tin­u­ous prof­itable devel­op­ment of the com­pa­ny. For this, the Super­vi­so­ry Board is demon­strat­ing its full con­fi­dence in him. At the same time, we extend our thanks to José A. Avi­la for his valu­able con­tri­bu­tion to the suc­cess­ful turn­around of Continental’s pow­er­train busi­ness. Under his lead­er­ship, the Pow­er­train divi­sion has once again been back on track for suc­cess since 2010, and is now one of the lead­ing sup­pli­ers in its field. The Super­vi­so­ry Board is delight­ed that José A. Avi­la will con­tin­ue to pro­vide the com­pa­ny with his proven exper­tise in elec­tric mobility.”
Super­vi­so­ry Board Chair­man Pro­fes­sor Wolf­gang Reitzle

Consistent lasting value creation

Degen­hart, who holds a doc­tor­ate in engi­neer­ing, has been CEO of the com­pa­ny since August 12, 2009, and is cur­rent­ly in his sec­ond term, which ends on August 11, 2019. He is direct­ly respon­si­ble for Cor­po­rate Com­mu­ni­ca­tions, Qual­i­ty and Envi­ron­ment, the glob­al lean man­age­ment pro­gram known as Con­ti­nen­tal Busi­ness Sys­tem, and numer­ous cen­tral func­tions in the Auto­mo­tive Group.
With regard to the cur­rent process of cre­at­ing a new group of legal enti­ties (carve-out) from the pow­er­train busi­ness, Degen­hart com­ment­ed: “The lead­ing posi­tion of our pow­er­train busi­ness pro­vides a firm basis for its par­tial IPO, which could be pos­si­ble start­ing mid-2019, as well as for the suc­cess­ful shap­ing of the dis­rup­tive devel­op­ment in pow­er­train engi­neer­ing, togeth­er with our cus­tomers. We firm­ly believe that under new man­age­ment this busi­ness, which is extreme­ly impor­tant for cli­mate pro­tec­tion and future mobil­i­ty, will devel­op very pos­i­tive­ly both strate­gi­cal­ly and operationally.”