Schaeffler Will Keep Koerfer on Continental AG Board, Sueddeutsche Reports

The Schaeffler Group refused to remove Hans Rolf Koerfer, a member of Continental AG’s supervisory board who is accused of having a conflict of interest, from his post, Sueddeutsche Zeitung reported, citing Schaeffler Chief Executive Officer Juergen Geissinger.

Koerfer is the legal adviser to the Schaeffler family, which owns the Schaeffler Group and 42.2 percent of Continental; another 33 percent of Continental is held by banks for the Schaefflers, according to the newspaper.

To contact the reporter on this story: Alex Webb in Frankfurt on awebb21@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.