Car parts maker Continental extends CEO's contract

25th September 2013, Comments 0 comments

Continental, the German maker of tyres and car parts, said Wednesday its supervisory board has extended the contract of chief executive Elmar Degenhart for another five years until August 2019.

"At today's meeting, the supervisory board of Continental... renewed the appointment of the incumbent executive board chairman Elmar Degenhart for another five years, through August 2019," the company said in a statement."

Degenhart, 54, took over as CEO in 2009 and his contract was initially scheduled to last until 2014.

"In the past four years, Elmar Degenhart has considerably helped to bring Continental back into the fold of DAX 30 companies and make it more sustainable as an innovative technology supplier," said supervisory board chief Wolfgang Reitzle.

Continental was kicked out of the blue-chip DAX index in 2008 during the financial crisis, but was reinstated in September 2012.

"Last year, the Continental share value rose 80 percent, making it the strongest price increase on the DAX. This year it has already attained a new record high," the statement boasted.

Continental also named Frank Jourdan, 53, as new board member in charge of the vehicle dynamics division.

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© 2013 AFP

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