HANOVER, Germany -- Wolfgang Reitzle, CEO of industrial gas company Linde, has been confirmed as the new chairman of Continental AG's supervisory board.

"We are very pleased that we have been able to persuade Professor Reitzle to take on this challenging mandate," said Schaeffler owner Maria-Elisabeth Schaeffler in a statement.

Reitzle has been highly sought after by a number of major firms, including BMW, and served as an executive with Ford Motor Co.

The move came after owner Schaeffler Group forced out the previous board chairman Rolf Koerfer, who will nonetheless remain on the board. Also stepping down is board member Michael Frenzel, CEO of travel company TUI. (Tire Review)