Continental AG CEO Manfred Wennemer has asked the company's supervisory board to release him of his duties with the company by Aug. 31. According to a report from Automotive News, Wennemer wanted to leave the company after Continental agreed to allow Schaeffler Group to take a minority stake in the company. The board agreed to Wennemer's request. Wennemer has been CEO of Continental since 2001.

The Automotive News report said Wennemer is opposed to Schaeffler's takeover bid and the tactics the ball bearing maker used to acquire a 36 percent strategic stake in the business earlier this year.

Schaeffler has agreed with Continental's supervisory board to buy a stake in Continental of up to 49.99 percent for 75 euros a share.

According to the report, Schaeffler has committed itself to keeping its holding in Continental below 50 percent for at least four years. Shareholders have until Sept. 16 to make a decision on the offer, the report said.