The Supervisory Board of Continental AG, Hanover, extended the tenure of CEO Dr. Elmar Degenhart by another five years to Aug. 11, 2024.
“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,” said Supervisory Board Chairman Professor Wolfgang Reitzle after a board meeting Thursday in Eislingen, Germany.
The board also terminated the contract of José A. Avila as a member of the executive board effective Sept. 30. Until his contract expires at the end of this year, he will assume advisory duties, including to further develop and implement Continental’s strategy in the field of battery and electrification technologies. He will report directly to the CEO in this role.
“We extend our thanks to José A. Avila for his valuable contribution to the successful turnaround of Continental’s powertrain business,” Reitzle said. “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.”
Degenhart, who has a doctorate in engineering, has been CEO of the company since August 2009 and is currently in his second term, which ends on August 2019. He is responsible for corporate communications, quality and environment, the lean management program known as Continental Business System and numerous central functions in the automotive group.
Starting Oct. 1, Continental Powertrain division was also under new management with Andreas Wolf as head of the division. In July, the company announced that the Powertrain division will become an independent legal entity with a new company name and management by the beginning of 2019. Its partial initial public offering (IPO) is expected to start mid-2019, and the reporting structure and the new names will start in 2020.
Wolf was previously in charge of the body and security business unit in the interior division. Under his leadership, this business unit has tripled its sales Continental said.
The new management team will consist of Werner Volz as head of finance and controlling, and, starting Jan. 1, Ingo Holstein, will head HR.
