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Nikolai Setzer (Source: Continental)

23. November 2021

Continental: Personnel change in Executive Board

In an extraordinary meeting on 17 November 2021, the Supervisory Board of Continental AG agreed to mutually terminate the appointment of Wolfgang Schaefer as member of the Executive Board and chief financial officer, effective immediately.

Up to now, he was responsible for Group Finance and Controlling, Group Information Technology as well as Group Compliance, Law and Intellectual Property. Nikolai Setzer, chairman of the Executive Board, will assume Schäfer’s responsibilities in the Executive Board. Until a successor is appointed, Katja Dürrfeld, currently head of Finance, Controlling and Information Technology for the ContiTech business area, will be in charge of Group Finance and Controlling as well as Group Information Technology and in this capacity will report to Setzer. The personnel change is linked to the already known investigations by the public prosecutor’s office in Hanover, Germany, into the use of illegal defeat devices in diesel engines and shortcomings in the ongoing investigations by Continental.

“We are investigating the case rigorously and thoroughly and are cooperating unconditionally with the Hanover public prosecutor’s office. In accordance with our philosophy of zero tolerance, we investigate any suspicious activity,” said Continental’s Supervisory Board chairman Professor Wolfgang Reitzle on Wednesday following the Supervisory Board meeting.

“Integrity is an integral part of our corporate culture and is anchored in our code of conduct, which applies worldwide and to all Continental companies. After all, we win by fair means,” added Setzer. He continued: “Effectively immediately, I will be directly responsible for Group Compliance and Group Law and Intellectual Property. These functions will be appointed new heads under the Executive Board.”

www.continental.com

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