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Schaeffler Will Keep Koerfer on Conti Board, Sueddeutsche Says

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.

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