Continental: Degenhart to resign early from his position as CEO
After more than eleven years in office, the CEO of Continental AG Dr. Elmar Degenhart has informed the Supervisory Board about his intention to resign from his position effective 30 November 2020 for reasons of immediately essential preventive health care. He has asked the Supervisory Board to accept the early termination of his Executive Board directorship and his contract, which would have run until 11 August 2024. Supervisory Board Chairman Prof. Wolfgang Reitzle has announced that he will convene the Supervisory Board shortly to decide on the appointment of the successor to Degenhart.
Degenhart explained the reasons for choosing the timing of his resignation: “After a lot of effort invested for the benefit of our organization, I was recently made aware of the importance of immediately giving precautionary measures for my health the utmost priority when it comes to planning my personal life. I would have clearly preferred to continue working on our structural realignment, our profitable growth and viability enhancement program. And I would have loved to enjoy the future success this will bring, especially since we have just recently prepared for it by making the most difficult decisions and setting the decisive course. But in consideration of the health-related advice that I received, I am now setting other priorities.”
Degenhart, who holds a doctorate in engineering, has been CEO of the company since 12 August 2009, and is currently in his third term. He is directly responsible for Group Communications, Group Strategy, Group Total Quality Management and the start-up program co-pace.
On behalf of all Supervisory Board members, their chairman Prof. Dr.-Ing. Wolfgang Reitzle acknowledged Degenhart’s achievements during the many years of successful work. He praised his “outstanding performance, exemplary leadership and excellent track record.” Reitzle said: “We all deeply regret Dr. Degenhart's decision and his resignation. However, we respect his personal wish and understand the reasons behind it. When he took office in August 2009, Degenhart and his team led the company out of a situation that threatend its very existence and brought it back into the DAX 30 Index and to an industry-wide top position. Under his leadership, Continental’s debt was significantly reduced to a normal level, its equity capital strengthened and its previous high investment grade fully restored.”
The Supervisory Board chairman commented on the upcoming nomination of Degenhart’s successor as follows: “I will convene the Supervisory Board to decide on the successor at short notice. Our focus will be on continuity and the seamless continuation in the ongoing transformation of Continental from mainly a tire manufacturer and automotive supplier to a pioneering technology and software mobility company."