After more than 11 years in office, the CEO of Continental AG, Dr. Elmar Degenhart, will resign from his position effective Nov. 30 for reasons of “immediately essential preventive health care,” the company says.
Continental says Degenhart asked the company’s supervisory board to accept the early termination of his executive board directorship and his contract, which would have run until Aug. 11, 2024. Supervisory board chairman Professor Wolfgang Reitzle says 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 Aug. 12, 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.