HANOVER, Germany — In a special meeting today, the Supervisory Board of Continental AG agreed to a number of changes in its Supervisory Board and Executive Board. 
Effective immediately, the chairman of Continental’s Executive Board, Dr. Karl-Thomas Neumann, steps down from Continental’s Executive Board by mutual agreement. Also effective immediately, Dr. Elmar Degenhart, previously chairman of the management board of the Automotive unit in the Schaeffler Group, is appointed as new chairman of the Executive Board of Continental AG. At the same time, he takes charge of the Powertrain division.
The chairman of the Supervisory Board, Rolf Koerfer, expressed his willingness to step down from his post as chairman of the Supervisory Board of Continental AG after reorganization of the Executive Board has been completed, including in particular the appointment of a CFO, and to initiate the election of a new member of the Supervisory Board to the post of chairman, who shall come from outside the companies. Koerfer will continue to be a member of the Supervisory Board as Chairman’s Committee member.
Furthermore, the Supervisory Board appointed three new members to the Executive Board: Dr. Ralf Cramer (head of the Chassis & Safety division of Continental AG), Helmut Matschi (head of the Interior division of Continental AG) and Nikolai Setzer (head of the Passenger and Light Truck Tires division of Continental AG).
The search for a new CFO, who is not to be recruited from either the company or from the Schaeffler organization, will get underway immediately.
