- Push-out Score determined
- After around 11 years in the position
- Accolades, praise, thanks and words of regret for Degenhart
- Search for a successor
- Degenhart made a lengthy statement and said 213 words
(exechange) — Hannover, Germany, October 29, 2020 — Elmar Degenhart, chief executive of Continental, leaves. As announced by Continental AG in a news release on Thursday, October 29, 2020, Elmar Degenhart leaves his post as chief executive officer of the automotive parts manufacturing company after around 11 years in the role, effective November 30, 2020.
Continental will undertake a search for a successor.
“Immediately essential preventive health care”
Elmar Degenhart’s departure from the CEO post is explained as follows. Continental said: “After more than eleven years in office, the CEO of Continental AG Dr. Elmar Degenhart (61) has informed the Supervisory Board today about his intention to resign from his position effective November 30, 2020 for reasons of immediately essential preventive health care. He has asked the Supervisory Board to accept the early termination of his Executive Board directorship and his contract, which would have run until August 11, 2024.”
Precise information regarding Elmar Degenhart’s future plans was not immediately available.
Share price decline since January 2018
The announcement follows a decline in Continental AG’s share price of 60% since January 2018.
Chaired by Wolfgang Reitzle
Wolfgang Reitzle serves as Continental AG’s Chairman of the Supervisory Board.
In the position of CEO since 2009
Elmar Degenhart became CEO of the Company in 2009.
His CV reads as follows:
- January 29, 1959 born in Dossenheim, Germany
- 1979 – 1987 Air and Space Technology at the University of Stuttgart Diploma: ‘Diplom-Ingenieur’
- 1992 Ph.D.: Thesis on mechanical engineering in the area of cleanroom technology
- 1987 – 1993 Scientific employee at the Fraunhofer-Institute for Manufacturing Engineering and Automation IPA; Last position: Head of department Handling- and Industrial Robot Systems
- 1993 – 1998 ITT Automotive Europe GmbH; Last position: Director Operations Brake Systems North America
- 1998 – 2003 Continental AG: Executive Vice President Electronic Brake Systems; Member of the Management Board of Continental Teves AG & Co. oHG
- 2004 – 2005 Robert Bosch GmbH: President Chassis Systems
- 2005 – 2008 Keiper Recaro Group: Chief Executive Officer
- 2008 – 2009 Schaeffler Group Automotive: President
- since August 12, 2009 Continental AG, Hanover, Germany: Chairman of the Executive Board; Additionally responsible for Group Communications and Public Affairs, Group Total Quality Management, Group Strategy.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Continental and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).