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Company News

UPDATE 1-Continental says CEO to resign for health reasons

(Adds details, background)

BERLIN, Oct 29 (Reuters) - German auto supplier Continental AG said on Thursday its chief executive of the past 11 years, Elmar Degenhart, will step down from Nov. 30 due to health issues.

Degenhart, 61, had asked the supervisory board to accept the early termination of his contract, which was due to run until 2024, due to “immediately necessary preventive health care”, Continental said in a statement.

Chairman Wolfgang Reitzle will convene a board meeting to decide on a successor to Degenhart, who has been CEO since 2009, it added.

Bloomberg news agency reported earlier on Thursday that the company would replace Degenhart with the head of its auto supplier core business, Nikolai Setzer, in order to speed up structural changes.

Last week, Continental said it will post a third-quarter loss after impairments and restructuring expenses as the auto industry has been hammered by the coronavirus pandemic.

The company is due to reports results on Nov. 11.

Reporting by Emma Thomasson; editing by Richard Pullin

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