Continental Extends CEO Degenhart’s Contract for Five More Years
Continental AG (CON) extended Chief Executive Officer Elmar Degenhart’s contract through August 2019 after he guided Europe’s second-biggest maker of car parts to a return to Germany’s benchmark DAX index.
The 54-year-old executive’s contract, which would have expired in August 2014, was extended for five years, the Hanover, Germany-based company said in a statement today. The manufacturer also appointed Frank Jourdan as management-board member for the Chassis and Safety division.
A former executive at Continental’s biggest shareholder, Schaeffler AG, Degenhart took charge of the car-parts maker in August 2009 as it struggled with debt and the effects of the financial crisis. Since then, Continental’s shares have risen more than fivefold. The stock returned to the DAX last year.
“The members of the supervisory board unanimously honor Degenhart’s outstanding performance and reaffirm their trust,” Chairman Wolfgang Reitzle said in the statement.
Continental largely sidestepped the slump of the European car market, which is headed for its sixth straight annual decline, by following German carmakers to China and the U.S. The car-parts maker is focusing on high-tech components such as braking and fuel-injection systems that are required to reduce fuel consumption and road accidents.
“I am delighted to be able to continue putting all my strength and energy into the journey we’re on,” Degenhart said in the statement. “I am convinced that we can and will successfully tackle the challenges that lie ahead of us.”
Jourdan, 53, succeeds Ralf Cramer, who is now overseeing Continental’s China business.
To contact the reporter on this story: Dorothee Tschampa in Frankfurt at email@example.com