Dr. Karl-Thomas Neumann has stepped down from Continental AG's executive board. He has been replaced by Dr. Elmar Degenhart, who most recently served as chairman of the management board of The Schaeffler Group's automotive unit.
In related news, the chairman of Continental's supervisory board, Rolf Koerfer, has "expressed his willingness" to step down from his post after "the reorganization" of Continental's executive board has been completed. Koerfer will continue to serve as a member of the company's supervisory board.
Continental also has appointed three new members to its executive board. They are Dr. Ralf Cramer, head of the company's Chassis & Safety division; Helmut Matschi, who runs Continental's Interior division; and Nikolai Setzer, head of Continental's Passenger and Light Truck Tires division.
In addition, the Hanover, Germany-based company has launched a search for a new chief financial officer, "who is not to be recruited from either (Continental) or the Schaeffler organization," according to Continental officials.
