Continental Chairman, CFO Resigns - aftermarketNews

Continental Chairman, CFO Resigns

Hippe will become co-finance chief of German steelmaker ThyssenKrupp AG following his resignation from Continental.

Dr. Alan Hippe, who is currently chairman of Continental AG’s executive board, CFO and head of Conti’s Rubber Group, will leave the company as of Feb. 28, according to a press release issued following the company’s Jan. 24 supervisory board meeting.

Continental says the decision on Hippe’s departure was mutually agreed upon, and his successor will be appointed in the coming weeks.

Hippe has been a member of Continental AG’s executive board since June 2002 and, as CFO, is responsible for the areas of finance, controlling, IT and law. In addition to his role as CFO, Hippe has headed the company’s North American tire operations since June 2005, returning them to profitability in 2007 after numerous years of heavy losses. Hippe took responsibility for the passenger and light truck tires division in April 2008, and in September 2008 was appointed vice chairman of the executive board.

The company’s executive board and supervisory board, states the press release, thanked Hippe for the “most outstanding achievements” he has brought Continental during what it called a “decisive phase in its corporate history.”

Hippe will become co-finance chief of German steelmaker ThyssenKrupp AG following his resignation from Continental. He will be named executive board member for a period of five years, effective April 1, and will be responsible for controlling, accounting, mergers and acquisitions, customs and material management, ThyssenKrupp said in a statement.

The ThyssenKrupp’s current finance chief, Ulrich Middelmann, will stay on the board until January 2010, when he will retire. He will be responsible for corporate finance and investor relations until then, according to the company. (Courtesy of Tire Review)

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