Continental CEO Degenhart to Resign for Health Reasons

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Source: Continental announcement

HANNOVER, Germany – After more than eleven years in office, Continental AG’s Chief Executive Officer Dr. Elmar Degenhart, 61, today informed the Supervisory Board he intends to resign from his position effective November 30, 2020 for health reasons.

He has asked the Supervisory Board to accept the early termination of his Executive Board directorship and his contract, which would have run until August 11, 2024. Supervisory Board Chairman Professor Wolfgang Reitzle will convene the Supervisory Board shortly to decide on the  successor to Degenhart.

“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,” explained Degenhart. “I would have clearly preferred to continue working on our structural realignment, our profitable growth and viability enhancement program.

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“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 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.

Looking back at the course he set for Continental, Degenhart added: “It has been a pleasure and an honor for me to have been at the helm of Continental and leading its accelerated turnaround and profitable growth. I would like to thank our customers for the trust they have placed in me as well as our shareholders, the Supervisory Board, my fellow Executive Board members, my personal team and the global Continental team for their great support, utmost commitment and impressive performance over the past more than eleven years. I am convinced that the Continental team will enjoy great success in the future thanks to its unique values and network culture and driven by its new strategy.”

The entire announcement can be viewed by clicking HERE.

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