HANNOVER, Germany (Sept. 26, 2013) — Continental A.G.'s supervisory board has extended Executive Board Chairman Elmar Degenhart's term for five more years, through August 2019, and appointed Frank Jourdan, head of the Vehicle Dynamics business unit, as an additional executive board member.
"In the past four years, Elmar Degenhart has considerably helped to bring Continental A.G. back into the fold of DAX 30 companies and make it more sustainable as an innovative technology supplier," Supervisory Board Chairman Wolkgang Reitzle said.
Mr. Degenhart, 54, has been executive board chairman since August 2009, coming to Conti from Schaeffler Group, the German auto parts company that had orchestrated a near takeover of Conti in the months preceding the appointment.
Schaeffler recently sold nearly 8 percent of its shareholding in Conti to raise cash to reduce debt. The move cut its ownership stake to 46 percent, but the company stressed the move does not lessen its interest in Conti as a strategic shareholding.
Under his aegis, Conti said it coped with the consequences of the global sovereign debt and financial crisis and progressed steadily toward becoming a "technology provider focused primarily on the mobility and transport industries worldwide."
Regarding Conti's return last year to the DAX 30 premier league of companies on the German stock exchange, Conti noted its share value has risen 80 percent since then, making it the strongest price increase on the DAX.
"I am delighted to be able to continue putting all my strength and energy into the journey we're on," Mr. Degenhart said.
His direct areas of responsibility include corporate communications, corporate quality and environment, Continental business system and various central functions in the Automotive Group. He has managing the Chassis & Safety divison since Aug. 1 on a temporary basis.