- The Supervisory Board of Continental AG appoints CEO Dr. Elmar Degenhart for a further five years, until August 11, 2024
- José A. Avila to leave Executive Board as at September 30, 2018, and will take on strategic advisory role for electrification technologies
- Andreas Wolf assumes responsibility for operations in the Powertrain division together with new management team on October 1, 2018
HANOVER/ EISLINGEN, 28-Sep-2018 — /EuropaWire/ — At its meeting today, 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,” said Supervisory Board Chairman Professor Wolfgang Reitzle after the Supervisory Board meeting on Thursday in Eislingen, Germany. “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,” he added.
“I wish to thank my Executive Board colleagues and the global Continental team for their outstanding commitment and impressive achievements in the past years. At the same time, I am looking forward to working together with our leaders and more than 240,000 employees as we continue to play a major role in shaping the mobility of the future,” said Degenhart.
“The increasing digitalization of all processes and products, the conversion of vehicles to electric drive systems, and the high growth in the fields of automated driving and connectivity have triggered a profound transformation in our industries. The people at Continental form a leading technology company based on their vital expertise that helps our customers deal with this transition successfully,” explained Degenhart, adding: “We are right at the forefront of shaping this transformation. For over eight years now, we have been working on expanding our culture of networking and trust. Strong and confident, Continental is now tackling one of the largest organizational changes in our company’s history, which will help us to continue our rapid, profitable growth and to exploit new business potential.”
Consistent lasting value creation
In this context, Degenhart also pointed out the programs for lasting value creation and in the long term, which have been intensified since the end of August 2018. “We are tackling this challenge swiftly, in a resolute and consistent manner. We have already initiated the first steps and will be keeping you informed about our progress as part of our financial reporting.”
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.
Degenhart acknowledged the achievements of his Executive Board colleague José A. Avila: “On behalf of the Executive Board and the global Continental team, I would like to thank José for his many years of outstanding service and commitment, and his valuable contribution as president of the Powertrain division. He assumed this position at a very difficult time. Together with his team, he managed to restore the global competitiveness of the Powertrain business and to make it successful again. I am extremely pleased that in his advisory role through the end of 2019, Continental will benefit from his expertise and experience during the ongoing reorganization.”
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.”
Powertrain division under new management starting October 1, 2018
In addition to the combustion drive business, Powertrain will oversee all future business involving hybrid and electric drive systems. It will be under new management starting October 1, 2018. As announced on July 18, 2018, the Powertrain division will be headed by Andreas Wolf (57). He will report directly to CEO Elmar Degenhart.
Wolf was previously in charge of the Body and Security business unit in the Interior division. Under his leadership, this business unit has trippled its sales, became profitable again and continually achieves attractive margins. Furthermore, he was involved in founding the recent joint venture with Osram and was responsible for the carve-out of Continental’s part of the business.
The new management team will consist of Werner Volz (59), head of Finance and Controlling, and, starting January 1, 2019, Ingo Holstein (52), head of HR. Werner Volz is an experienced financial expert who has held managerial positions in various business areas for more than 27 years. He has headed Finance and Controlling in Continental’s Chassis & Safety division since 2008. In particular, he played a major part in the successful restructuring of these areas during the financial crisis in 2008/2009 as well as in the lasting successful growth management of the business with advanced driver assistance systems.
Ingo Holstein has been the head of HR in the Tires division since 2010. He has gathered extensive expertise in the shaping of businesses through personnel work as well as management guidance and development.
Together with their teams, these three will be in charge of creating the group of legal entities and for preparing the partial IPO, which is expected to be possible starting mid-2019. This will ensure the continued development of the upcoming transition in the powertrain business. Continental still does not plan to relinquish control of the powertrain business in the medium or long term.
Andreas Wolf, the new head of the powertrain business, had the following to say about his new position: “We are already working hard to improve our operations now and in the long term, while preparing for potentially accessing capital markets. We are confident that we will be able to expand upon our strong, global position substantially in the coming years.”
Continental will publish its financial report for the first nine months of 2018 on November 8, 2018.
SOURCE: Continental AG
MEDIA CONTACTS
Dr. Felix Gress
Head of Corporate Communications & Public Affairs
Phone: +49 511 938-1485
E-mail: media@conti.de
Vincent Charles
Head of Media Relations
Phone: +49 511 938-1364
E-mail: vincent.charles@conti.de
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- Digi Communications N.V.: Reporting of legal documents concluded by the company in May 2019 in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018 published
- DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions occurred under DIGI symbol between 3 – 7 June 2019
- PDA Explores the Transformation of Healthcare at 4th Annual European Meeting
- ASI President John Cross Named AGMA Chairman
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 31 May 2019
- Breakthrough on laser powder bed fusion technology brings effective production of larger componentscloser to mainstream
- PDA Announces All-Star Speaker Lineup for Advanced Therapy Medicinal Products Conference
- Digi Communications N.V.: Exercise of stock options by the Executive Directors of the Company
- Digi Communications N.V. announces DIGI Kft., the Hungarian subsidiary of the Company, launches mobile telephony services in Hungary
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 21 and 24 May 2019
- ZYXEL READY WITH 5G SAMPLES IN AUGUST 2019
- Digi Communications N.V. announces the initiation of the share buy-back program as authorized by the Company’s GSM on 30 April 2019
- Digi Communications N.V Q1 2019 Financial Report and the report regarding legal documents for April 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018 released
- Digi Communications N.V. announces the new date of the Conference Call for the presentation of the Q1 2019 Financial Report. Update to the Company’s 2019 Financial Calendar.
- Rhenium-SCT® (SCT= Skin Cancer Therapy) now being offered in Hanau, Germany
- Project consortium aims at driving the adoption of selective laser melting (SLM) for large scale metal parts printing
- Digi Communications N.V. announces the availability of the instructions on the 2018 share dividend payment
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 29 April 2019 – 1 May 2019, under the class B shares buy-back progr
- Biodiversity Report Is Urgent Call to Action Beyond Fixes; Geneva Global Initiative Calls on World Community to Focus on Concrete Actions
- Digi Communications N.V.’s general Shareholders’ meeting resolutions from 30 Apr 2019 approving, amongst others, the 2018 Annual Accounts and the availability of the adopted Annual Financial Report for the year ended Dec 31, 2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions occurred under DIGI symbol, 22 – 26 April 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 15 April 2019 – 19 April 2019s
- XPAND Code was successfully scanned from 200 meters/700 feet at Olympics stadium
- Wasser eingießen, Warten und Einschalten
- Digi Communications N.V.: Reporting of legal documents concluded by the company in March 2019 in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018 published
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 8 and 12 April 2019
- Snowman releases new EP
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 1 – 5 April 2019
- Streamlining adoption of high-speed and high-resolution surface texturing delivered with the Prometheus project
- Customer Data Platform Institute Launches RealCDP to Reduce CDP Confusion
- ASI Technologies Focuses on the future as ASI Drives, and New AGV Pallet Robot, FRED2500
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 25 March 2019 – 29 March 2019
- Towards a Europe of Stakeholder Nations
- Associazione Veneta Lotta alla Talassemia (AVLT) and the UK Thalassaemia Society (UKTS) Clarification on European Regulatory Status of LENTIGLOBIN™
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 19 March 2019 – 22 March 2019
- A new flagship project on Additive Manufacturing skills aims to maintain Europe leading position in industrial competitiveness
- Jeroen Schouten Named Regional Manager, Europe of AeroGo, Inc.
- Digi Communications N.V. Convocation of the Company’s general shareholders meeting for 30 April 2019 for the approval of, among others, the 2018 Annual Report and of the 2018 Financial Statements
- España arrasa con la competencia y es nombrado como el país ideal para estudiar en el extranjero
- Xverify targets European Email Verification market with local data processing, Dublin office
- Digi Communications N.V. announces the resignation by Mr. Sambor Ryszka from his position as non-executive director of the Company
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 11 and 15 March 2019
- Digi Communications N.V.: Reporting of legal documents concluded by the company in February 2019 in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018 published
- Admission of Digi Communications N.V. €200,000,000 5.0% additional senior secured notes due 2023 to the listing on the Official List and trading on Irish Stock Exchange’s Main Securities Market
- Digi Communications N.V. announces the appointment of Dan Ioniță as a non-executive director of RCS & RDS S.A., the Romanian subsidiary of the Company
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 4 and 8 March 2019
- Digi Communications N.V. announces share transaction made by an executive director of the Company with class B shares on 4 march 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 25 February – 1 March 2019
- Digi Communications N.V. announces share transaction made by an executive director of the Company with class B shares on 1 march 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 18 and 22 February 2019
- Digi Communications N.V.: finalization and registration by the Company of the conversion of 1,200,000 A shares into an equal number of class B shares
- Digi Communications N.V.: Exercise of stock options by a PDMR in accordance with the stock option plan for the Group’s Romanian employees
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 11 and 15 February 2019
- Report of legal documents concluded by DIGI Communications N.V. in January 2019 or in other period but effective in January 2019
- Digi Communications N.V. announces Availability of Preliminary Financial Report for the year ended December 31, 2018 for Digi Communications N.V. Group
- Mono Solutions launches a new interface to drive the ultimate do-it-with-me (DIWM) experience
- Digi Communications NV Announces Investor Call on the Preliminary Financial Results for the year ended 31 December 2018
- Digi Communications NV: New date of the Conference Call for the 2018 Preliminary financial results; Update to the 2019 Company’s Financial Calendar
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 4 and 8 February 2019
- R.W. Chelsea Holdings Ltd Starts To Hold Fixed Income Investor Meetings In Vienna, Zurich, Geneva and London
- Digi Communications N.V. successfully increased and priced its Offering at €200,000,000 5.0% additional senior secured notes due 2023
- Digi Communications N.V. to offer additional €125,000,000 5.0% senior secured notes due 2023; new notes will be consolidated and treated as its existing €350,000,000; adjustment on interim unaudited consolidated financial statements for the nine-month period ending September 30, 2018
- World's largest superhero statue to be built in Central Europe
- The resignation of Mr. Bendei Ioan – VP and executive director of RCS&RDS S.A., DIGI COMMUNICATIONS N.V.’s subsidiary in Romania
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 28 January 2019 – 1 February 2019
- RCH Group to Showcase Integrated Selling Solutions at EuroCIS
- Mono and bfound partner to expand digital offerings for small businesses in the Middle East
- Digi Communications N.V. publishes the Independent Limited Assurance Report in accordance with Law 24/2017 (Article 82) and FSA Regulation no. 5/2018
- ERRATA of the reports dated 15 Jan 2019 and 15 Oct 2018 regarding the legal acts concluded by DIGI Communications N.V. in Dec 2018 and Sep 2018
- REVEALED: Experts reveal the best dates to book your summer holiday in Spain
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 21 – 25 January 2019
- Céline Dion visite son premier concept store de vêtements CELINUNUNU à Paris
- Anytime, anywhere tailored learning opportunities for welding professionals and apprentices alike
- i5invest открива офис в България
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 14 - 18 January 2019
- Mono helps Fonecta strengthen their digital presence offering for SMBs
- The Bucharest Tribunal’s decision regarding the investigation conducted by the Romanian National Anti-corruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V.: Exercise of stock options by a PDMR in accordance with the stock option plan approved by the Company for the Romanian employees of the Group in 2017
- Report of legal acts concluded by DIGI Communications N.V. in accordance with Romanian Law no. 24/2017 and FSA Regulation no. 5/2018 for December 2018
- Digi Communications N.V.: resolution of the Board of Directors to convert class 1,200,000 A shares into an equal number of class B shares for the purpose of the ongoing employees and directors stock option plans
- CELINUNUNU OUVRE SON PREMIER POP-UP À PARIS
- DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 07 – 11 January 2019
- Digi Communications NV: Announcement of the Conference Call for the 2018 Preliminary financial results. Update to the 2019 Company’s Financial Calendar
- A new Government Emergency Ordinance imposing additional corporate taxes with impact on the telecommunications sector in Romania
- DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol between 31 December 2018-04 January 2019
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