German tyre manufacturer Continental appoints new chief executive [Yahoo! Finance]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
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Source: Yahoo! Finance
The decision was taken by the company's supervisory board, Continental said in a statement on Wednesday. "This step comes as planned on the back of the significant progress made with Continental's realignment and transformation into a pure-play tyre company," a statement said. Continental recently spun off its automotive supply division and listed it on the stock exchange under the name Aumovio. Next year, the plastics division ContiTech is also to be sold, after which Continental will become a pure tyre manufacturer. Setzer had previously announced that he would step down from the company's leadership once the transformation was complete, but had not specified a timeline. "In recent years, we have succeeded in transforming a diverse portfolio of businesses into three strong, independent champions," Setzer said, according to the statement. "After 28 years at Continental, now is the right time for me to hand over responsibility to Christian Kötz." Setzer had been at the helm
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